Invesco Total Return Bond ETF Sees Oversold Conditions Amid Market Volatility
In trading on Monday, shares of the Invesco Total Return Bond ETF (Symbol: GTO) have reportedly dropped into oversold territory, reaching a low of $47.275 per share. Oversold territory is defined using the Relative Strength Index (RSI), a technical analysis tool that evaluates a stock’s momentum on a scale of zero to 100. A stock is seen as oversold if its RSI falls below 30.
Currently, Invesco Total Return Bond’s RSI stands at 27.5. In contrast, the S&P 500 index registers a much higher RSI of 68.6, indicating the broader market’s relative strength.
For bullish investors, the GTO’s 27.5 RSI might suggest that the stock is close to the end of a significant sell-off, presenting potential buying opportunities.
Examining the ETF’s one-year performance chart (shown below), GTO has a 52-week low of $43.27 per share and has peaked at $48.79. The last recorded trade price was $47.26, marking a decrease of about 0.7% for the day.
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The views and opinions expressed herein are those of the author and do not necessarily reflect the opinions of Nasdaq, Inc.
