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Shares Of FLTR Now Oversold

Tickers in this article: FLTR
In trading on Friday, shares of the Investment Grade Floating Rate ETF entered into oversold territory, changing hands as low as $24.79 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 Investment Grade Floating Rate, the RSI reading has hit 28.5 — by comparison, the RSI reading for the S&P 500 is currently 38.4.

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A bullish investor could look at FLTR's 28.5 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), FLTR's low point in its 52 week range is $23.08 per share, with $26.03 as the 52 week high point — that compares with a last trade of $24.85. Investment Grade Floating Rate shares are currently trading down about 0.5% on the day.

Investment Grade Floating Rate 1 Year Performance Chart