VanEck Preferred Securities ETF Faces Oversold Conditions Amid Market Fluctuations
Investors Eye Potential Buying Opportunities as RSI Hits Low
In trading on Friday, shares of the VanEck Preferred Securities ex Financials ETF (Symbol: PFXF) reached an oversold condition, with prices dipping to $17.26 per share. The term “oversold” in this context refers to a stock’s Relative Strength Index (RSI), a tool used by traders to assess momentum on a scale from zero to 100. A stock is classified as oversold when its RSI falls below 30.
For VanEck Preferred Securities ex Financials, the RSI has now dropped to 23.0, significantly lower than the S&P 500’s current RSI of 45.9.
This scenario might encourage bullish investors to view PFXF’s low RSI as a signal indicating that the recent wave of selling may be nearing its end, prompting some to seek entry points for potential purchases.
A look at PFXF’s one-year performance reveals that the ETF’s lowest point in the past 52 weeks was $16.77 per share, while its highest reached $18.45. As of the most recent trades, the stock is now at $17.27, reflecting a decline of approximately 2.1% for the day.
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Additional Insights:
- Highest Yielding BDCs
- GHC Dividend Growth Rate
- OSH Shares Outstanding History
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
