SPDR Nuveen High Yield Municipal Bond ETF Shows Oversold Signal
On Wednesday, trading activity revealed that shares of the SPDR Nuveen Bloomberg High Yield Municipal Bond ETF (Symbol: HYMB) entered oversold territory, dipping to a low of $25.18 per share. Oversold conditions are identified using the Relative Strength Index (RSI), a technical analysis tool that measures momentum on a scale of zero to 100. A stock is deemed oversold when its RSI reading falls below 30.
For SPDR Nuveen Bloomberg High Yield Municipal Bond, the current RSI stands at 28.9, in contrast to the S&P 500’s RSI of 45.2. Investors who adopt a bullish perspective may view the 28.9 RSI reading as an indication that the ongoing intense selling pressure might be nearing its end, prompting them to look for buying opportunities soon.
Examining the one-year performance of HYMB (see chart below), the low point in its 52-week range is $25.095 per share, while the high point reached $26.33. The most recent trade occurred at $25.20, indicating a decline of about 0.9% on the day.
Discover more about 9 other oversold stocks you should know about »
Also Explore:
- OOTO Videos
- ULY Insider Buying
- Institutional Holders of CTB
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
