Fidelity Enhanced Small Cap ETF Dips into Oversold Territory
Technical Indicator Signals Potential Buying Opportunity
On Monday, shares of the Fidelity Enhanced Small Cap ETF (Symbol: FESM) fell to an oversold level, trading as low as $32.2302 per share. The term “oversold” is determined using the Relative Strength Index (RSI), a tool in technical analysis that measures stock momentum on a scale from zero to 100. A stock is deemed oversold when its RSI drops below 30.
Currently, FESM has an RSI reading of 28.8, while the S&P 500 reflects a healthier 42.9. For bullish investors, this low reading might suggest that the intense selling pressure could be nearing its end, possibly indicating an opportunity to buy.
Examining FESM’s performance over the past year shows its lowest point at $26.60 per share, with a peak at $36.13. In contrast, the last trade was recorded at $32.41, marking a decrease of approximately 1.3% for the day.
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Additional Resources:
- PLX Split History
- Argan Historical PE Ratio
- Funds Holding BLKC
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
