In trading on Wednesday, shares of the ProShares UltraShort QQQ ETF (QID) reached a low of $17.62, entering oversold territory with a Relative Strength Index (RSI) of 27.7. An asset is considered oversold when the RSI falls below 30; in contrast, the S&P 500’s RSI stands at 70.1.
Over the past year, QID’s share price has fluctuated between a low of $17.57 and a high of $37.87. Currently, shares are trading at $17.59, representing a decrease of about 3% for the day. Investors may view the low RSI as an opportunity for potential buying after a period of heavy selling.
