In trading on Friday, October 6, 2023, shares of the Direxion Daily S&P 500 High Beta Bear 3X ETF (HIBS) fell to an oversold level, trading as low as $29.67 per share. The Relative Strength Index (RSI) for HIBS was measured at 29.5, indicating overselling when the RSI is below 30. This contrasts sharply with the S&P 500’s RSI of 68.4.
The ETF’s 52-week trading range has seen a low of $29.67 and a high of $202, while it last traded at $29.87, reflecting a decline of approximately 4.3% on the day. Investors may view the RSI reading as a potential entry point for purchasing shares amidst heavy selling.
