Shares Of REW Now Oversold
In the case of Proshares UltraShort Technology, 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 REW'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), REW's low point in its 52 week range is $30.00 per share, with $44.20 as the 52 week high point — that compares with a last trade of $30.00. Proshares UltraShort Technology shares are currently trading down about 0.7% on the day.