Muni Bond ETF Hits Oversold Mark: Is it Time to Buy?
On Wednesday, shares of the iShares National Muni Bond ETF (Symbol: MUB) dropped to an oversold status, trading as low as $106.585 per share. The term “oversold” is defined by the Relative Strength Index (RSI), a popular technical analysis tool used to gauge momentum on a scale from zero to 100. An RSI reading below 30 indicates that a stock is considered oversold.
For MUB, the RSI has reached 26.9. In comparison, the S&P 500 currently boasts an RSI of 64.7, indicating stronger momentum. This low RSI figure may suggest to bullish investors that the recent downward pressure on MUB could be nearing its end, possibly signaling a good time to make a purchase.
Analyzing MUB’s performance over the past year reveals a 52-week low of $100.78 and a high of $108.82. The latest trade price sits at $106.62, indicating a slight decline of about 0.6% 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.
