In trading on Wednesday, shares of the ProShares UltraShort Bloomberg Crude Oil ETF (SCO) fell to $7.67 per share, entering oversold territory with a Relative Strength Index (RSI) reading of 29.8. An RSI below 30 indicates potential overselling, while the RSI for the S&P 500 stands at 68.2.
The ETF has a 52-week trading range with a low of $7.40 and a high of $23.33, currently trading down about 1.2% for the day at $7.79. Investors may view the low RSI as an opportunity to buy as selling pressure begins to wane.
