Capital Group Global Growth Equity ETF Shows Signs of Oversold Condition
In trading on Thursday, shares of the Capital Group Global Growth Equity ETF (Symbol: CGGO) slipped into oversold territory, reaching a low of $27.55 per share. The Relative Strength Index (RSI), a key technical analysis tool, is used to assess momentum on a scale from zero to 100. A stock is classified as oversold if the RSI reading drops below 30.
The current RSI for Capital Group Global Growth Equity stands at 29.9, which indicates a significant sell-off. For context, the RSI for the S&P 500 Index is at 30.7. This suggests that CGGO may be nearing a turnaround, potentially attracting bullish investors who might see this reading as an opportunity to buy, expecting the selling pressure to decrease.
Examining the stock’s one-year performance (shown in the chart below), CGGO has a 52-week low of $26.52 and a high of $30.93, with its latest trading price at $27.55. The shares are currently down approximately 3.6% on the day.
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The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Nasdaq, Inc.
