FNDF ETF Shows Signs of Overselling: Analyzing Market Trends
On Wednesday, shares of the FNDF ETF (Symbol: FNDF) dropped into oversold territory, trading as low as $34.385 each. The concept of oversold is defined using the Relative Strength Index (RSI), a technical indicator that measures momentum on a scale from 0 to 100. Typically, a stock with an RSI below 30 is recognized as oversold.
Currently, FNDF has an RSI of 29.0, while the S&P 500 is at 64.7. This indicates FNDF has been experiencing more selling pressure compared to the broader market.
For bullish investors, the RSI reading of 29.0 could signal that heavy selling might be nearing its end, suggesting potential buying opportunities may arise soon.
Examining FNDF’s price performance over the past year, the ETF’s lowest point was $32.15, with a peak of $37.855. Presently, the shares are trading at approximately $34.55, reflecting a decline of about 0.7% 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.
