Ridgewood Canadian Bond UN Is Now Oversold (RIB-UN)
In trading on Friday, shares of Ridgewood Canadian Bond UN (RIB-UN.TO"> RIB-UN.TO) entered into oversold territory, hitting an RSI reading of 29.99, after changing hands as low as $11.92 per share. By comparison, the current RSI reading of the S&P/TSX Composite Index is 33.3. A bullish investor could look at RIB.UN's 29.99 RSI reading today 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. The chart below shows the one year performance of RIB.UN shares:
Looking at the chart above, RIB.UN's low point in its 52 week range is $11.31 per share, with $12.65 as the 52 week high point — that compares with a last trade of $11.92.