In trading on Wednesday, shares of the MicroSectors Oil & Gas Exploration & Production -3x Inverse Leveraged ETN ETF (OILD) fell to $48.43, entering oversold territory with a Relative Strength Index (RSI) reading of 29.8. An RSI below 30 indicates a stock is oversold, while the S&P 500’s current RSI stands at 41.7.
OILD has a 52-week low of $46.87 and a high of $240.10. The latest trade marked a 6.3% drop on the day, closing at $48.23, indicating substantial selling pressure in the market.
