Shares Of MZZ Now Oversold
In the case of Proshares UltraShort MidCap400, the RSI reading has hit 29.6 — by comparison, the RSI reading for the S&P 500 is currently 72.9.
A bullish investor could look at MZZ's 29.6 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), MZZ's low point in its 52 week range is $17.34 per share, with $36.14 as the 52 week high point — that compares with a last trade of $17.34. Proshares UltraShort MidCap400 shares are currently trading off about 1.9% on the day.