Fidelity MSCI Health Care ETF Hits Oversold Levels: What It Means for Investors
On Monday, shares of the Fidelity MSCI Health Care Index ETF (Symbol: FHLC) dropped into oversold territory, reaching a low of $66.6695 per share. The Relative Strength Index (RSI), a popular tool for measuring momentum, helps identify these conditions. An asset is considered oversold when its RSI falls below 30.
For the Fidelity MSCI Health Care Index ETF, the RSI has touched 29.9. In contrast, the S&P 500’s current RSI stands at 63.4. This disparity suggests that FHLC has experienced greater selling pressure recently.
Investors with a bullish outlook might interpret the 29.9 RSI as a potential signal that the sharp sell-off could be running its course. This could lead them to explore opportunities to enter the market on the buying side.
Examining a chart of FHLC’s performance over the past year reveals that the ETF’s 52-week low is $62.75 per share, while the high reached $74.48. Currently, shares are trading at approximately $66.54, representing a decline of about 0.7% for the day.
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Additional Resources:
- American Eagle Outfitters Historical PE Ratio
- Funds Holding PRN
- APPF Options Chain
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
