Pushing Past Selling Pressures: XLU Hits Oversold Levels
On Wednesday, shares of the Utilities Select Sector SPDR Fund ETF (Symbol: XLU) dipped to $75.54, marking a notable entry into oversold territory. This designation comes from the Relative Strength Index (RSI), a popular tool used by traders to gauge stock momentum on a scale from 0 to 100. Generally, an RSI beneath 30 indicates a stock has been oversold.
For XLU, the RSI registered at 29.9, while the S&P 500’s RSI stands at 49.5. This lower value may signal to bullish investors that the wave of selling could be nearing its end, potentially presenting an attractive buying opportunity.
This ETF’s one-year chart reveals a 52-week low of $59.14, whereas the high reached $83.41. Currently, XLU trades at $75.42, reflecting a decrease of approximately 1.4% 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.
