Goldman Sachs Bond ETF Hits Oversold Level Amid Market Volatility

During trading on Wednesday, shares of the Goldman Sachs Access Investment Grade Corporate Bond ETF (Symbol: GIGB) slid into oversold territory, reaching a low of $44.06 per share. Oversold conditions are determined by the Relative Strength Index (RSI), a technical analysis tool measuring momentum on a scale of zero to 100. Typically, a stock is marked as oversold when its RSI falls below 30.

In this case, the RSI for GIGB has dropped to 26.8, indicating it is indeed in oversold territory. In contrast, the S&P 500 currently has an RSI of 22.7.

For bullish investors, the 26.8 RSI reading might signal that the selling momentum is slowing down. This could prompt them to seek potential buying opportunities as they anticipate a reversal in price direction.

The performance chart for the past year reveals that GIGB’s low point in its 52-week range is $44.06, while the high point stands at $47.6515. The most recent trading price was $44.17, indicating that Goldman Sachs Access Investment Grade Corporate Bond shares are down approximately 0.8% for the day.

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The views and opinions expressed herein are those of the author and do not necessarily represent those of Nasdaq, Inc.