On Monday, shares of the iShares MSCI South Korea ETF (Symbol: EWY) traded as low as $58.36 per share, indicating that the stock has entered oversold territory. This status is determined using the Relative Strength Index, or RSI, a tool that gauges stock momentum on a scale of 0 to 100. A stock is considered oversold with an RSI reading below 30.
Currently, EWY’s RSI is at 29.9, while the S&P 500 sits significantly higher at 69.0. This lower RSI reading might suggest to bullish investors that the recent intense selling could be coming to an end, presenting potential buying opportunities.
Examining the past year, EWY’s 52-week low was $57.035, while its high reached $69.515. As of the last trade, shares closed at $58.47, reflecting a decrease of approximately 1.2% for the day.
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Related Information:
- Funds Holding BIS
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
