iShares Global Tech ETF Shows Oversold Signs at $72.73
During trading on Thursday, shares of the iShares Global Tech ETF (Symbol: IXN) dropped into oversold territory, trading as low as $72.73 per share. The term “oversold” is defined using the Relative Strength Index (RSI), a technical analysis tool that measures market momentum on a scale from 0 to 100. An asset is deemed oversold when the RSI falls below 30.
For the iShares Global Tech ETF, the RSI reading currently stands at 27.5. In comparison, the S&P 500 has a higher RSI reading of 32.0.
Bullish investors may interpret IXN’s 27.5 RSI as a potential signal that the recent wave of selling is beginning to slow down. This could lead some to search for buying opportunities.
Examining a year-long performance chart, IXN’s 52-week low is $68.53, while the high is $88.62. Currently, the ETF is trading at $72.44, reflecting a decrease of approximately 5.4% on the day.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
