SPDR Portfolio Short Term Corporate Bond ETF Hits Oversold Level
In trading on Friday, the SPDR Portfolio Short Term Corporate Bond ETF (Symbol: SPSB) saw its shares dip into oversold territory, falling as low as $29.91 each. This oversold condition is identified using the Relative Strength Index (RSI), a tool that measures momentum on a scale from zero to 100. Typically, a stock is considered oversold when the RSI drops below 30.
For SPSB, the RSI is currently at 29.3, a stark contrast to the S&P 500, which has a reading of 50.4. This lower RSI could encourage bullish investors to consider that the recent selling pressure may be waning. They might now look for better entry points to buy the stock.
Examining the one-year performance indicates SPSB’s 52-week low is $29.26 per share, while the peak was $30.31. Presently, the stock trades at $29.91, reflecting a decrease of approximately 0.3% on the day.
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Also see:
- IPOs
- EU market cap history
- Funds Holding JUGG
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
