Principal U.S. Mega-Cap ETF Enters Oversold Territory Amid Market Shift
On Friday, shares of the Principal U.S. Mega-Cap ETF (Symbol: USMC) dropped into oversold territory, trading as low as $57.48 per share. Oversold conditions are determined using the Relative Strength Index (RSI), a momentum indicator that ranges from zero to 100. A stock is deemed oversold when its RSI falls below 30.
Currently, the Principal U.S. Mega-Cap has an RSI reading of 29.5, starkly lower than the S&P 500, which stands at 33.2. For investors with a bullish outlook, this 29.5 RSI could signal that the significant selling pressure is nearing exhaustion, potentially presenting buying opportunities.
A review of USMC’s one-year performance reveals that its lowest point over the past 52 weeks was $48.515, while the highest reached $63.1307. The last trade occurred at $57.67, indicating a decline of about 1.3% for the day.
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Also see:
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
