Capital Group Core Bond ETF Shows Oversold Signals Amid Price Decline
In trading on Friday, shares of the Capital Group Core Bond ETF (Symbol: CGCB) entered oversold territory, reaching a low of $25.5799 per share. Oversold territory is defined by the Relative Strength Index (RSI), a technical analysis tool that measures momentum on a scale from zero to 100. Stocks are classified as oversold when the RSI falls below 30.
The RSI for Capital Group Core Bond currently stands at 29.7. In comparison, the S&P 500 has an RSI reading of 39.6. A bullish investor may interpret CGCB’s RSI of 29.7 as an indication that recent heavy selling may be nearing its end, presenting a potential buying opportunity.
Reviewing the one-year performance, CGCB’s lowest point in its 52-week range was $25.21 per share, with a high of $27.24. The last trade occurred at $25.63, indicating that Capital Group Core Bond shares are trading down approximately 1% on the day.
Find out what 9 other oversold stocks you need to know about »
Also see:
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
