SPDR S&P 500 Fossil Fuel ETF Hits Oversold Levels Amid Selling Pressure

During trading on Monday, shares of the SPDR S&P 500 Fossil Fuel Reserves Free ETF (Symbol: SPYX) fell into oversold territory, reaching a low of $45.57 per share. The concept of oversold territory is determined by the Relative Strength Index (RSI), a technical analysis tool that assesses momentum on a scale from zero to 100. An RSI reading below 30 indicates that a stock is considered oversold.

For SPYX, the RSI currently stands at 28.8. This is notably close to the S&P 500, which has an RSI of 28.9. A bullish investor may interpret SPYX’s 28.8 reading as an indication that the heavy selling pressure could be nearing its end and may prompt them to seek buying opportunities.

Analyzing a one-year performance chart of SPYX (displayed below), the ETF’s 52-week low is $40.31 while the 52-week high is $50.35. As for the most recent trade, it was recorded at $45.95. Currently, SPYX shares are down approximately 2.6% on the day.

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Also see:

• YTD Return on Dow
• CELU YTD Return
• Top Ten Hedge Funds Holding QIG

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.