In trading on Monday, shares of the ERShares Private-Public Crossover ETF (Symbol: XOVR) entered into oversold territory, changing hands as low as $16.93 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30.
In the case of ERShares Private-Public Crossover, the RSI reading has hit 29.8 — by comparison, the RSI reading for the S&P 500 is currently 43.2.
A bullish investor could look at XOVR’s 29.8 reading as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side.
Looking at a chart of one year performance (below), XOVR’s low point in its 52 week range is $13.9246 per share, with $21.78 as the 52 week high point — that compares with a last trade of $16.97. ERShares Private-Public Crossover shares are currently trading off about 3% on 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.
