Investors Eye Potential Buying Opportunity as IXC Reaches Record Low
In trading on Tuesday, shares of the iShares Global Energy ETF (Symbol: IXC) dropped into oversold territory, trading as low as $37.74 per share. This measure is based on the Relative Strength Index (RSI), a technical analysis tool that evaluates momentum on a scale of zero to 100. Typically, a stock is deemed oversold if its RSI reading falls below 30.
Currently, the iShares Global Energy ETF has an RSI reading of 24.7, significantly lower than the S&P 500’s RSI of 61.9. This low RSI suggests that the selling pressure might be reaching its limit, prompting bullish investors to consider potential buying opportunities.
Examining the past year’s performance, IXC has seen a low of $37.02 and a high of $45.22. With the latest trade recorded at $37.85, shares are down about 3.3% for the day. Keeping an eye on the 52-week range is essential for investors looking for significant price movements.
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The views and opinions expressed herein are solely those of the author and do not necessarily represent those of Nasdaq, Inc.
