SPDR S&P Global Natural Resources ETF Hits Oversold Levels
Shares show potential for recovery after significant declines.
In trading on Wednesday, shares of the SPDR S&P Global Natural Resources ETF (Symbol: GNR) reached an oversold state, with prices dropping to as low as $50.39 per share. We identify oversold territory through the Relative Strength Index (RSI), a tool that assesses momentum on a scale from zero to 100. Typically, a stock is deemed oversold if its RSI falls below 30.
Currently, the RSI for SPDR S&P Global Natural Resources stands at 23.8. In contrast, the S&P 500 has a more robust RSI of 64.1, indicating varying levels of investor sentiment between these two funds.
A bullish investor might interpret GNR’s 23.8 RSI reading as an indication that the recent aggressive selling could soon taper off, suggesting potential buying opportunities may arise.
Examining GNR’s one-year performance, the ETF’s low for the past 52 weeks is $50.38 per share, while its high stands at $60.635. With the last trade recorded at $50.47, SPDR S&P Global Natural Resources shares are currently down approximately 3.1% for the day.
Learn about 9 other oversold stocks worth exploring »
Additional Resources:
- ROC YTD Return
- XL YTD Return
- WDTI Historical Stock Prices
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
