In trading on Friday, shares of the GraniteShares YieldBOOST IONQ ETF (Symbol: IOYY) entered into oversold territory, changing hands as low as $7.49 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 GraniteShares YieldBOOST IONQ, the RSI reading has hit 28.8 — by comparison, the RSI reading for the S&P 500 is currently 58.0.
A bullish investor could look at IOYY’s 28.8 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), IOYY’s low point in its 52 week range is $7.49 per share, with $25.98 as the 52 week high point — that compares with a last trade of $7.52. GraniteShares YieldBOOST IONQ shares are currently trading off about 0.9% on the day.
