In trading on Tuesday, shares of the Direxion Daily QCOM Bull 2X ETF (symbol: QCMU) reached an oversold condition with an RSI reading of 29.3, falling below the critical threshold of 30. The stock traded as low as $13.10 per share, compared to a 52-week high of $39.45. The current trading price reflects a decrease of approximately 3.6% for the day.
The S&P 500’s RSI is significantly higher at 47.4, indicating a stark contrast in momentum. Bullish investors might interpret the low RSI as a potential opportunity for buying as sellers seem to exhaust their positions.
