First Trust TCW Unconstrained Plus Bond ETF Hits Oversold Level
During trading on Friday, shares of the First Trust TCW Unconstrained Plus Bond ETF (Symbol: UCON) underwent significant selling pressure, dropping as low as $24.38 per share. This decline places the stock in what analysts refer to as oversold territory. To determine this status, we use the Relative Strength Index (RSI), a technical indicator that evaluates momentum on a scale from zero to 100. An RSI reading below 30 indicates a stock is oversold.
For UCON, the RSI has fallen to 27.6. In contrast, the S&P 500 index currently has an RSI reading of 39.6. Investors with a bullish outlook may interpret UCON’s RSI as a signal that excessive selling may be tapering off, prompting them to consider potential buying opportunities.
A glance at UCON’s one-year performance chart reveals that the ETF has seen a low of $24.09 per share within its 52-week range, while the peak over this period is $25.3391. As of the latest trade, UCON shares are priced at $24.43, reflecting a small decline of approximately 0.5% for the day.
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
