Fidelity Nasdaq Composite ETF Enters Oversold Territory Amid Market Volatility

In trading on Friday, shares of the Fidelity Nasdaq Composite Index ETF (Symbol: ONEQ) fell into oversold territory, trading as low as $70.4601 per share. We determine oversold territory through the Relative Strength Index (RSI), a technical analysis tool that gauges momentum on a scale from zero to 100. A stock is classified as oversold when its RSI reading drops below 30.

Currently, the RSI for the Fidelity Nasdaq Composite Index is at 29.6, indicating this condition. In contrast, the S&P 500 has a higher RSI of 33.2.

Investors with a bullish outlook may view ONEQ’s RSI reading of 29.6 as a signal that significant selling pressure is diminishing, prompting the search for buying opportunities.

Examining the one-year performance (illustrated below), ONEQ’s lowest point in its 52-week range reached $59.98 per share, while the highest was $79.7499. The last reported trade stands at $70.81, reflecting a slight decline of about 0.9% for the day.

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Also see:

• Stock RSI
• Top Ten Hedge Funds Holding PRFD
• Institutional Holders of STCE

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.