SPDR Bloomberg High Yield Bond ETF (JNK) Hits Oversold Mark Amid Trading Activity
Shares Struggle with Momentum as RSI Dips Below 30
On Thursday, the SPDR Bloomberg High Yield Bond ETF (Symbol: JNK) saw its shares drop into oversold territory, reaching a low of $94.92. This classification stems from the Relative Strength Index (RSI), which measures a stock’s momentum on a scale from zero to 100; an RSI below 30 indicates oversold conditions.
Currently, JNK’s RSI stands at 29.7. In comparison, the S&P 500’s RSI is at 45.5, indicating that JNK has been under heavier selling pressure compared to the broader market.
For bullish investors, the 29.7 reading might suggest that this sell-off is tapering off, potentially signaling a good time to consider buying opportunities.
Analyzing performance over the past year, JNK’s 52-week low is $92.47, whereas its peak reached $97.90. The latest trading price is $94.93, reflecting a decline of about 0.5% for the day.
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