GraniteShares 2x Long NVDA ETF Shows Oversold Signs Amid Market Declines

On Tuesday, shares of the GraniteShares 2x Long NVDA Daily ETF (Symbol: NVDL) experienced a downturn, trading as low as $35.45 per share. This movement into oversold territory is determined by the Relative Strength Index (RSI), a tool that gauges momentum on a scale of zero to 100. A stock is classified as oversold when the RSI falls below 30.

Currently, the RSI reading for GraniteShares 2x Long NVDA stands at 29.7. For context, the S&P 500’s RSI is lower at 26.9. For bullish investors, this 29.7 reading may suggest that the recent intensive selling could be nearing an end, potentially providing entry points for purchasing shares.

Reviewing NVDL’s one-year performance chart (shown below), the ETF’s 52-week low reached $28.2901 per share, while its peak was $91.70. The most recent trading price of $35.64 indicates a drop of about 3.6% 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.