Shares Down to $50.70 Amid Heavy Selling Pressure
In trading on Tuesday, the iShares MSCI India ETF (Symbol: INDA) moved into oversold territory, hitting a low of $50.70 per share. The term “oversold” is determined using the Relative Strength Index (RSI), a popular technical analysis tool that measures stock momentum. An RSI below 30 indicates that a stock may be oversold.
Currently, the RSI for iShares MSCI India stands at 29.7. For comparison, the S&P 500’s RSI is notably higher at 56.1. This suggests that INDA is experiencing significant selling pressure, potentially signaling a turning point for buyers.
For optimistic investors, an RSI reading of 29.7 might indicate the recent decline is starting to stabilize, presenting potential opportunities to buy in at lower prices.
Examining the one-year performance chart (included below), INDA’s lowest price over the past 52 weeks was $48.56, while its peak reached $59.49. At its latest trading session, shares were priced at $50.75, reflecting a decline of approximately 0.8% for the day.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
