Daily Gold Miners Bear 3x Shares (DUST) Enters Oversold Territory
ETF Channel Staff - Thursday, September 27, 3:51 PMIn trading on Thursday, shares of the Daily Gold Miners Bear 3x Shares ETF (DUST) entered into oversold territory, changing hands as low as $23.57 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 Daily Gold Miners Bear 3x Shares, the RSI reading has hit 28.3 — by comparison, the RSI reading for the S&P 500 is currently 58.1.
A bullish investor could look at DUST's 28.3 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), DUST's low point in its 52 week range is $22.04 per share, with $78.66 as the 52 week high point — that compares with a last trade of $23.60. Daily Gold Miners Bear 3x Shares shares are currently trading down about 7.8% on the day.
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