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XPP Crowded With Sellers

Tickers in this article: XPP
In trading on Friday, shares of the Proshares Ultra FTSE China 25 ETF entered into oversold territory, changing hands as low as $43.20 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 Ultra FTSE China 25, the RSI reading has hit 29.2 — by comparison, the RSI reading for the S&P 500 is currently 51.9.

Find out what 9 other oversold stocks you need to know about »

A bullish investor could look at XPP's 29.2 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), XPP's low point in its 52 week range is $38.48 per share, with $67.75 as the 52 week high point — that compares with a last trade of $43.24. Proshares Ultra FTSE China 25 shares are currently trading down about 6.3% on the day.

Proshares Ultra FTSE China 25 1 Year Performance Chart