In trading on Friday, shares of the Daily Real Estate Bear 3x Shares ETF (DRV) entered into oversold territory, changing hands as low as $19.46 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 Real Estate Bear 3x Shares, the RSI reading has hit 27.6 — by comparison, the RSI reading for the S&P 500 is currently 80.2.

A bullish investor could look at DRV's 27.6 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), DRV's low point in its 52 week range is $19.46 per share, with $90.65 as the 52 week high point — that compares with a last trade of $19.59. Daily Real Estate Bear 3x Shares shares are currently trading off about 3.1% on the day.