First Trust Utilities AlphaDEX Fund ETF Shows Oversold Signals
On Wednesday, shares of the First Trust Utilities AlphaDEX Fund ETF (Symbol: FXU) dropped to oversold territory, trading as low as $37.12. We define “oversold” using the Relative Strength Index (RSI), a popular technical analysis tool that measures momentum on a scale from zero to 100. An RSI reading below 30 indicates a stock is oversold.
Currently, the RSI for the First Trust Utilities AlphaDEX Fund stands at 26.9, notably lower than the S&P 500’s RSI of 22.7. A bullish investor might interpret FXU’s 26.9 reading as a sign that recent heavy selling may be losing steam, suggesting potential buying opportunities may soon arise.
Examining the fund’s performance over the past year, FXU’s 52-week low was $30.74 per share, while the high reached $41.71. The current share price is noted at $37.22, reflecting a decline of approximately 1.8% 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.
