Invesco National AMT-Free Municipal Bond ETF Hits Oversold Levels

In trading on Wednesday, shares of the Invesco National AMT-Free Municipal Bond ETF (Symbol: PZA) sank into oversold territory, trading as low as $22.95 per share. The term “oversold” is defined by the Relative Strength Index (RSI), a technical analysis tool measuring momentum on a scale from zero to 100. An asset is deemed oversold when its RSI reading falls below 30.

Currently, PZA has an RSI reading of 27.6, while the S&P 500’s RSI stands at 45.2. This discrepancy may indicate that the recent wave of selling is losing momentum. Therefore, bullish investors might view the 27.6 reading as a potential signal to identify buying opportunities.

Analyzing PZA’s one-year performance gives further insight. The ETF’s lowest price in its 52-week range is $22.95, with the highest recorded at $24.34. As of now, PZA is trading at $22.96, representing a decline of approximately 0.7% on the day.

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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.