In trading on Friday, shares of the iShares MSCI BRIC Index Fund ETF (BKF) entered into oversold territory, changing hands as low as $34.23 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 BRIC Index Fund, the RSI reading has hit 28.4 — by comparison, the RSI reading for the S&P 500 is currently 30.8.

A bullish investor could look at BKF'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), BKF's low point in its 52 week range is $31.78 per share, with $48.81 as the 52 week high point — that compares with a last trade of $34.30. iShares MSCI BRIC Index Fund shares are currently trading down about 1.9% on the day.