Shares dip as RSI signals potential buying opportunity
On Tuesday, the iShares MSCI South Korea ETF (Symbol: EWY) saw its shares fall into oversold territory, trading as low as $52.675 each. This condition is determined using the Relative Strength Index (RSI), a technical analysis tool that measures momentum on a scale from zero to 100. A stock qualifies as oversold when its RSI falls below 30.
Currently, EWY has an RSI reading of 24.7, significantly lower than the S&P 500’s RSI of 63.8. This lower reading may signal to bullish investors that the recent wave of selling is starting to slow down, raising the possibility of finding attractive buying opportunities.
A look at EWY’s performance over the past year reveals that its low point was $52.675 per share, while its highest recorded price reached $69.515. As of now, the ETF’s most recent trade was at $54.25, representing a decrease of about 6.1% for the day.
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Additional Resources:
- Funds Holding SFUN
- Institutional Holders of SMWB
- Institutional Holders of MRND
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
