FT Vest Rising Dividend ETF Shows Oversold Indicator Amid Market Selling
In trading on Wednesday, shares of the FT Vest Rising Dividend Achievers Target Income ETF (Symbol: RDVI) entered oversold territory, hitting a low of $23.34 per share. Oversold territory is defined using the Relative Strength Index (RSI), a technical analysis tool that measures market momentum on a scale from zero to 100. A stock is classified as oversold when its RSI reading falls below 30.
Currently, the RSI reading for the FT Vest Rising Dividend Achievers Target Income ETF is at 29.7, the same as the S&P 500’s RSI. This low reading may indicate to bullish investors that the recent heavy selling pressure could be nearing its end, creating potential buy opportunities.
Examining RDVI’s one-year performance, the ETF has seen its 52-week low at $22.30 per share, while its high reached $26.50. As of the latest trading, shares are priced at $23.37, reflecting a decline of approximately 0.7% for the day.
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The views and opinions expressed herein are those of the author and do not necessarily reflect the opinions of Nasdaq, Inc.
