SSG Crowded With Sellers

Tickers in this article: SSG
In trading on Thursday, shares of the Proshares UltraShort Semiconductors ETF entered into oversold territory, changing hands as low as $28.20 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 Proshares UltraShort Semiconductors, the RSI reading has hit 30.0 — by comparison, the RSI reading for the S&P 500 is currently 68.1.

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A bullish investor could look at SSG's 30.0 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), SSG's low point in its 52 week range is $28.20 per share, with $50.08 as the 52 week high point — that compares with a last trade of $28.29. Proshares UltraShort Semiconductors shares are currently trading off about 0.8% on the day.

Proshares UltraShort Semiconductors 1 Year Performance Chart