On Friday, shares of the Eaton Vance Floating-Rate ETF (Symbol: EVLN) fell to as low as $49.04 per share, entering oversold territory, as indicated by a Relative Strength Index (RSI) reading of 22.6. Stocks are deemed oversold when the RSI falls below 30; in contrast, the S&P 500 has an RSI of 54.4.
EVLN’s one-year performance shows a 52-week low of $48.21 and a high of $50.58, with the last trade recorded at $49.13. The ETF is currently down approximately 0.7% for the day. Bullish investors may view the low RSI reading as a potential entry point for buying opportunities.
