iShares MSCI Australia ETF Shows Signs of Being Oversold
In trading on Wednesday, shares of the iShares MSCI Australia ETF (Symbol: EWA) dropped into oversold territory, reaching a low of $23.145 per share. The oversold threshold is determined using the Relative Strength Index (RSI), a technical analysis tool that gauges momentum on a scale from zero to 100. A stock is deemed oversold when its RSI falls below 30.
Currently, EWA’s RSI reading stands at 29.2, while the S&P 500 has a similar RSI of 29.7. For bullish investors, EWA’s 29.2 reading might indicate that recent selling pressure is starting to wane, presenting potential opportunities for buying.
Examining its one-year performance, the ETF’s lowest point in its 52-week range is $22.95 per share, compared to a high of $27.23. As of the last trade, EWA is priced at $23.10, reflecting a decline of approximately 0.6% 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.
