Invesco National AMT-Free Municipal Bond ETF Enters Oversold Zone
Investors Monitor Declining Trends and Potential Buying Opportunities
On Wednesday, shares of the Invesco National AMT-Free Municipal Bond ETF (Symbol: PZA) fell into oversold territory, trading as low as $23.555 each. Analysts use the Relative Strength Index (RSI) to identify oversold conditions, where a stock is deemed oversold if its RSI falls below 30.
Currently, the Invesco ETF’s RSI stands at 28.5, indicating a downturn, while the S&P 500’s RSI is at a healthier 59.6. Bullish investors might interpret PZA’s low RSI as a signal that the ongoing selling pressure may be waning, presenting potential buying opportunities.
Examining PZA’s one-year performance, the 52-week low is $21.69 per share and the high is $24.29, with the last trade registered at $23.60. On the day, Invesco National AMT-Free Municipal Bond shares are down about 1%.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.