On Tuesday, trading activity revealed that shares of the iShares California Muni Bond ETF (Symbol: CMF) reached an oversold condition, dropping to a low of $56.345 per share. This situation is determined using the Relative Strength Index (RSI), a popular technical analysis tool that gauges momentum on a scale from 0 to 100. Typically, a stock is considered oversold when its RSI falls below 30.
The RSI for iShares California Muni Bond recently stood at 29.6, which is notably lower than the S&P 500’s current reading of 42.7.
For bullish investors, the 29.6 RSI indicator could signal that the recent wave of selling may be subsiding, potentially presenting buying opportunities in the near future.
Examining the past year’s performance (illustrated below), CMF’s 52-week low is $56.32 per share, while its highest point was $58.18. The last trade marked at $56.39 reflects that the ETF is currently down approximately 0.3% for the day.
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Also see:
- ETF Fund Flows
- FNV Videos
- Institutional Holders of UP
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
