Proshares Short Dow30 (DOG) Enters Oversold Territory
ETF Channel Staff - Thursday, September 13, 4:01 PMIn trading on Thursday, shares of the Proshares Short Dow30 ETF (DOG) entered into oversold territory, changing hands as low as $33.69 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 Proshares Short Dow30, the RSI reading has hit 28.9 — by comparison, the RSI reading for the S&P 500 is currently 75.3.
A bullish investor could look at DOG's 28.9 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), DOG's low point in its 52 week range is $33.69 per share, with $46.63 as the 52 week high point — that compares with a last trade of $33.77. Proshares Short Dow30 shares are currently trading down about 1.5% on the day.
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