In trading on Friday, shares of the iShares U.S. Medical Devices ETF (Symbol: IHI) fell to $56.22, entering oversold territory with a Relative Strength Index (RSI) reading of 29.3. A stock is deemed oversold when its RSI falls below 30; for comparison, the S&P 500’s RSI is currently 41.9.
IHI’s 52-week range has seen a low of $52.90 and a high of $64.71, with the last trade at $56.71, reflecting a decline of about 2.4% on the day. Investors may view the low RSI as a potential entry point for buying as recent selling pressure could be abating.
