Technical Analysis Indicates Potential Buying Opportunities
In trading on Tuesday, shares of the iShares MSCI Eurozone ETF (Symbol: EZU) dipped into oversold territory, reaching as low as $47.53 per share. We gauge oversold conditions using the Relative Strength Index (RSI), a tool that measures momentum on a scale from zero to 100. A stock is viewed as oversold when its RSI reading drops below 30.
For the iShares MSCI Eurozone ETF, the RSI reading stands at 29.0. In contrast, the S&P 500’s RSI is currently 67.9, indicating a stark difference in price momentum.
Investors with a bullish outlook may interpret this 29.0 reading as a signal that the previous selling pressure is waning, presenting potential opportunities to enter the market on the buy side.
Examining a one-year performance chart, EZU’s lowest price in its 52-week span is $42.79 per share, while its highest point reached $53.065. As of the last trade, EZU is priced at $47.57, which represents a decline of about 1.9% for the day.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
