JP Morgan US Tech Leaders ETF Shows Oversold Indicators
On Friday, trading activities revealed that shares of the JP Morgan US Tech Leaders ETF (Symbol: JTEK) fell into oversold territory, trading as low as $70.0801 each. The Relative Strength Index, or RSI, is a technical analysis tool used to gauge market momentum. Typically, an RSI reading below 30 indicates that a stock is oversold.
For JTEK, the RSI reading registered at 29.5, while the S&P 500’s RSI stands at a slightly higher 33.2. A bullish investor might interpret JTEK’s low RSI as a potential sign that sellers are losing momentum, prompting them to search for buying opportunities.
Examining the one-year performance chart, JTEK experienced a low of $55.66 per share and reached a high of $85.28 during this period. The last reported trade for JTEK was $70.56, reflecting a drop of approximately 2% 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.
