JP Morgan US Tech Leaders ETF Shares Dip into Oversold Zone

In trading on Thursday, shares of the JP Morgan US Tech Leaders ETF (Symbol: JTEK) slid into oversold territory, reaching as low as $64.26 per share. Oversold territory is identified using the Relative Strength Index (RSI), a technical analysis tool that gauges momentum on a scale from zero to 100. An RSI reading below 30 indicates that a stock is considered oversold.

Currently, JTEK’s RSI is at 29.0, which is notably lower than the S&P 500’s RSI of 32.0. This suggests that the recent sell-off in JTEK may be nearing its limit. Bullish investors might interpret this lower RSI as a potential signal to seek buying opportunities.

Examining JTEK’s one-year performance chart (below), its 52-week low stands at $55.66 per share, contrasting with its high of $85.28. The last trade recorded was $64.02, indicating a drop of approximately 6.5% for the day.

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The views and opinions expressed herein are those of the author and do not necessarily reflect the opinions of Nasdaq, Inc.