On Monday, the stock of First Trust SMID Cap Rising Dividend Achievers ETF (Symbol: SDVY) dropped to an oversold condition, trading as low as $35.35 per share. This assessment of being oversold is based on the Relative Strength Index (RSI), a tool that gauges momentum on a scale from zero to 100. When the RSI falls below 30, a stock is deemed oversold.
At present, the RSI for First Trust SMID Cap Rising Dividend Achievers stands at 29.0. In contrast, the S&P 500’s RSI is 39.2. For bullish investors, this lower RSI reading for SDVY might indicate that the stock’s recent decline is nearing its limit, highlighting potential buying opportunities.
Examining SDVY’s performance over the past year (illustrated in the chart below), its lowest trading price was $30.93 per share, while it reached a high of $40.5967. The latest trade for SDVY was at $35.49, reflecting a decrease of approximately 1.4% for the day.
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Also of Interest:
- Stocks Conducting Buybacks That Hedge Funds Are Buying
- IMMR YTD Return
- ADTH Market Cap History
The views and opinions expressed herein are those of the author and do not necessarily represent those of Nasdaq, Inc.
