SPDR Portfolio Developed World ex-US ETF Hits Oversold Levels
Technical Insights Point to Potential Buying Opportunities
In trading on Monday, shares of the SPDR Portfolio Developed World ex-US ETF (Symbol: SPDW) dropped into oversold territory, reaching a low of $33.87 per share. The concept of oversold territory is evaluated using the Relative Strength Index (RSI), a momentum measurement tool that operates on a scale from zero to 100. A stock is deemed oversold when its RSI falls below 30.
For SPDW, the current RSI reading is at 25.4, significantly lower than the S&P 500’s RSI of 42.9. This discrepancy suggests that SPDW might be experiencing heightened selling pressure.
Investors with a bullish outlook may interpret the 25.4 RSI as a potential signal that the intense selling activity may soon be over, encouraging them to seek entry points for buying.
Reviewing the one-year performance of SPDW (see chart below), the stock has seen a low of $32.63 and a high of $38 within its 52-week range. It last traded at $33.92, reflecting a decline of approximately 1.7% for the day.
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The views and opinions expressed herein are the personal views of the author and do not necessarily reflect those of Nasdaq, Inc.
