Investors Eye Potential Recovery as RSI Indicator Suggests Lower Momentum
During Wednesday’s trading session, shares of the iShares iBonds Dec 2029 Term Corporate ETF (Symbol: IBDU) fell into oversold territory, reaching a low of $23.03 each. Oversold conditions are identified using the Relative Strength Index (RSI), which ranges from zero to 100. Stocks are deemed oversold when the RSI drops below 30.
For IBDU, the current RSI stands at 29.7, while the S&P 500’s RSI is notably higher at 59.0. This discrepancy suggests a significant contrast in market momentum between these two investments.
Bullish investors may interpret the 29.7 RSI reading for IBDU as an indication that substantial selling pressure may be waning, prompting potential buying opportunities as the market stabilizes.
Reviewing IBDU’s performance over the past year reveals a low of $21.53 per share and a high of $24.90, with the most recent trade occurring at $23.04. Currently, shares of iShares iBonds Dec 2029 Term Corporate are down approximately 0.2% 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.
