First Trust NYSE Arca Biotechnology ETF Hits Oversold Levels
RSI Indicator Signals Potential for Investor Opportunities
On Friday, shares of the First Trust NYSE Arca Biotechnology Index Fund ETF (Symbol: FBT) dropped into oversold territory, with prices reaching as low as $161.895 per share. We use the Relative Strength Index (RSI) to identify oversold conditions; this indicator measures momentum on a scale from zero to 100. A reading below 30 indicates a stock may be oversold.
FBT’s current RSI is at 29.9, which is notably lower than the S&P 500’s RSI of 53.5. This low RSI could suggest to optimistic investors that the recent intense selling pressure is easing, presenting possible buying opportunities.
Examining FBT’s performance over the past year, the ETF has a 52-week low of $137.97 and a high of $179.67, compared to its recent trading price of $161.90. Presently, shares are down approximately 4.8% for the day.
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Also see:
- Funds Holding ZSML
- FFIC shares outstanding history
- Institutional Holders of AJAX
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
