Investors Eye Potential Buying Opportunity After Recent Drop
On Wednesday, shares of the iShares 10+ Year Investment Grade Corporate Bond ETF (Symbol: IGLB) fell into oversold territory, trading as low as $51.015 per share. Oversold territory is identified using the Relative Strength Index (RSI), a tool that measures stock momentum on a scale from zero to 100. A stock is classified as oversold if its RSI dips below 30.
Currently, the RSI for the iShares 10+ Year Investment Grade Corporate Bond ETF stands at 28.7, in stark contrast to the S&P 500, which has an RSI of 64.7. A bullish investor might interpret this reading as an indication that the stock is nearing a bottom after a period of heavy selling, presenting potential buying opportunities.
Reviewing the one-year performance of IGLB (see chart below), the ETF has a low point of $44.88 and a high point of $54.4199 during the past year. As of its last trade, IGLB shares were priced at $51.16, reflecting a decline of about 0.5% on 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.
