On Wednesday, shares of the iShares MSCI United Kingdom ETF (Symbol: EWU) fell to $33.99, indicating oversold conditions. According to the Relative Strength Index (RSI), a common technical analysis tool, a stock is considered oversold when its RSI dips below 30. A reading of 28.5 for EWU suggests that heavy selling may be winding down, while the S&P 500 sits at a higher RSI of 49.5.
Investors with a bullish outlook might interpret the ETF’s low RSI as a signal to search for buying opportunities as the recent decline could be losing steam.
The chart below shows this ETF’s performance over the past year. EWU has a 52-week low of $31.51 and a high of $37.88, with the latest trade at $33.87, reflecting a decrease of approximately 1.8% 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.
