Dimensional National Municipal Bond ETF Hits Oversold Mark
In trading on Tuesday, shares of the Dimensional National Municipal Bond ETF (Symbol: DFNM) became oversold, reaching as low as $47.60 per share. The determination of “oversold” is based on the Relative Strength Index (RSI), a technical analysis tool that gauges momentum on a scale from zero to 100. An asset is classified as oversold when the RSI dips below 30.
For the Dimensional National Municipal Bond ETF, the RSI reading has dropped to 28.7. In contrast, the S&P 500 index has an RSI of 49.2, indicating a different market momentum.
Bullish investors may interpret the DFNM’s RSI of 28.7 as an indication that recent heavy selling is nearing its limit, signaling potential buy opportunities in the near future.
Reviewing DFNM’s performance over the past year (illustrated in the chart below), its 52-week low is $47.40 per share, while the high point is $48.67. The last trade price was $47.62, reflecting a drop of about 0.4% for the day.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
