SPDR S&P Bank ETF Enters Oversold Territory Amid Market Volatility
On Monday, shares of the SPDR S&P Bank ETF (Symbol: KBE) fell into oversold territory, trading as low as $52.55 per share. The Relative Strength Index (RSI), a key technical analysis tool for measuring momentum, indicates when a stock is considered oversold. Typically, an RSI reading below 30 signals that a stock is oversold.
Currently, the KBE ETF has an RSI reading of 26.1, suggesting that it may be experiencing significant selling pressure. For comparison, the S&P 500 has an RSI of 31.0. A bullish investor might interpret the 26.1 figure as an indication that the recent heavy selling is reaching its limit and may begin to identify potential buying opportunities.
Analyzing KBE’s one-year performance, the ETF’s 52-week low stands at $42.77, while its high reached $63.74. As trading concluded, the last price for KBE was recorded at $52.68, reflecting a decrease of approximately 2.1% for 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.
