First Trust Managed Municipal ETF Shows Signs of Oversold Status

In trading on Wednesday, shares of the First Trust Managed Municipal ETF (Symbol: FMB) fell into oversold territory, reaching a low of $50.441 per share. Oversold conditions, indicated by the Relative Strength Index (RSI), occur when this momentum measurement drops below 30.

Currently, the RSI for the First Trust Managed Municipal ETF stands at 28.7. In contrast, the S&P 500’s RSI is considerably higher at 45.2. This lower RSI reading may suggest that the recent selling wave is nearing its end, potentially presenting buying opportunities for bullish investors looking to enter the market.

Examining FMB’s one-year performance, its lowest share price in the last 52 weeks was $48.10, while the high reached $52.13. The latest trade of FMB is recorded at $50.45, indicating a minor decline of about 0.5% for the day.

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