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SLVP Crowded With Sellers

Tickers in this article: SLVP
In trading on Wednesday, shares of the iShares MSCI Global Silver Miners Fund ETF entered into oversold territory, changing hands as low as $13.18 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 iShares MSCI Global Silver Miners Fund, the RSI reading has hit 28.4 — by comparison, the RSI reading for the S&P 500 is currently 72.3.

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A bullish investor could look at SLVP's 28.4 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), SLVP's low point in its 52 week range is $13.18 per share, with $25.00 as the 52 week high point — that compares with a last trade of $13.18. iShares MSCI Global Silver Miners Fund shares are currently trading off about 3% on the day.

iShares MSCI Global Silver Miners Fund 1 Year Performance Chart