First Trust Financials AlphaDEX Fund ETF Hits Oversold Levels
In trading on Friday, shares of the First Trust Financials AlphaDEX Fund ETF (Symbol: FXO) reached an oversold status, being exchanged as low as $52.33 per share. Oversold territory is identified using the Relative Strength Index (RSI), a technical analysis tool that measures momentum on a scale from zero to 100. A stock is classified as oversold when the RSI falls below 30.
For the First Trust Financials AlphaDEX Fund, the RSI reading currently stands at 29.8. In contrast, the RSI for the S&P 500 Index is at 33.2, indicating that FXO is experiencing a more intense downward shift in momentum.
This RSI indication at 29.8 could be interpreted by bullish investors as a potential signal that the significant selling pressure is beginning to subside. Such investors may start to seek entry points to purchase shares.
Examining the one-year performance of FXO, the lowest point in its 52-week range is $43.77 per share, while the highest point is $59.36. The latest trade price of FXO is recorded at $52.26, reflecting a decline of approximately 0.9% on the day of this report.
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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.
