In trading on Friday, shares of the Defiance Daily Target 2X Long RGTI ETF (Symbol: RGTX) entered into oversold territory, changing hands as low as $12.92 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 Defiance Daily Target 2X Long RGTI, the RSI reading has hit 29.5 — by comparison, the RSI reading for the S&P 500 is currently 58.0.
A bullish investor could look at RGTX’s 29.5 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), RGTX’s low point in its 52 week range is $11.80 per share, with $501.80 as the 52 week high point — that compares with a last trade of $13.19. Defiance Daily Target 2X Long RGTI shares are currently trading down about 6.2% on the day.
