Shares Of CNPF Now Oversold
In the case of Canada Preferred, the RSI reading has hit 28.3 — by comparison, the RSI reading for the S&P 500 is currently 38.4.
A bullish investor could look at CNPF's 28.3 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), CNPF's low point in its 52 week range is $13.35 per share, with $16.00 as the 52 week high point — that compares with a last trade of $13.38. Canada Preferred shares are currently trading down about 0.8% on the day.