iShares MSCI Taiwan ETF Enters Oversold Territory: Key Indicators

In trading on Friday, shares of the iShares MSCI Taiwan ETF (Symbol: EWT) dropped into oversold territory, hitting a low of $47.67 per share. Oversold territory is defined using the Relative Strength Index (RSI), a technical analysis tool that measures momentum on a scale from zero to 100. Typically, a stock is deemed oversold when its RSI reading falls below 30.

As for the iShares MSCI Taiwan ETF, its current RSI reading sits at 29.7. In comparison, the S&P 500 has a higher RSI of 37.2.

For bullish investors, the 29.7 RSI reading of EWT might indicate that recent heavy selling is nearing exhaustion, providing an opportunity to seek entry points for potential buying.

Examining EWT’s one-year performance (see chart below), its low point for the 52-week range is $45.06 per share, while the high point is $57.69. The last recorded trade was at $47.75, indicating that iShares MSCI Taiwan shares are currently down about 2.9% for the day.

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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.