SPYI ETF Reaches Oversold Levels: What Investors Should Know
On Thursday, shares of the SPYI ETF (Symbol: SPYI) fell into oversold territory, trading as low as $47.455 per share. Oversold territory is defined by the Relative Strength Index (RSI), a technical analysis tool that gauges momentum on a scale from zero to 100. A stock is considered oversold when its RSI drops below 30.
For SPYI, the current RSI reading stands at 28.9, slightly higher than the S&P 500’s reading of 28.4. This situation may appeal to bullish investors, who might interpret SPYI’s low RSI as a signal that the recent intense selling is nearing exhaustion. They may start to seek buying opportunities.
Examining the performance chart for the past year (seen below), we find that SPYI’s 52-week low is $46.39 per share, while its 52-week high is $52.78. The last trade for SPYI shares was recorded at $47.58, indicating a decline of approximately 1.4% for the day.
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
