Shares Plunge as RSI Points to Potential Buying Opportunity
On Wednesday, the iShares Global Clean Energy ETF (Symbol: ICLN) saw its stock price fall into oversold territory, with shares trading as low as $12.27. The term ‘oversold territory’ is defined using the Relative Strength Index (RSI), a tool in technical analysis that measures momentum on a scale of 0 to 100. A stock is labeled as oversold when its RSI reading dips below 30.
Currently, the RSI for the iShares Global Clean Energy ETF is at 27.5, contrasting sharply with the S&P 500’s RSI of 62.6. This lower reading suggests that heavy selling pressure may be diminishing, potentially indicating an attractive entry point for bullish investors looking to buy.
Examining its performance over the past year, ICLN’s 52-week low stands at $12.27 per share and its high reaches $15.81. As of the last trade, shares were priced at approximately $12.43, reflecting a decline of around 7.9% for the day.
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