iShares U.S. Home Construction ETF Shows Oversold Signs Amid Market Dip
During trading on Thursday, the iShares U.S. Home Construction ETF (Symbol: ITB) saw its shares drop to $93.45, entering what is considered oversold territory. Oversold conditions are determined using the Relative Strength Index (RSI), a technical analysis tool that measures momentum on a scale of zero to 100. A stock is deemed oversold when its RSI falls below 30.
Currently, the RSI for iShares U.S. Home Construction stands at 29.3. For context, the S&P 500 has a slightly lower RSI reading of 28.4. Investors who are bullish might interpret ITB’s RSI of 29.3 as an indication that the recent heavy selling could be nearing its end, potentially signaling a good entry point for buying opportunities.
Reviewing ITB’s one-year performance chart, we observe that its 52-week low is $93.45, while the 52-week high reaches $129.89. The last trade of ITB closed at $93.82, indicating that shares are down approximately 2.6% on the day.
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Additional Resources:
- Equity Residential shares outstanding history
- MHP Options Chain
- Institutional Holders of NTRS
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
