In trading on Friday, shares of the FTSE Nordic Region ETF (GXF) entered into oversold territory, changing hands as low as $17.88 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 FTSE Nordic Region, the RSI reading has hit 27.8 — by comparison, the RSI reading for the S&P 500 is currently 26.8.

A bullish investor could look at GXF's 27.8 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), GXF's low point in its 52 week range is $15.00 per share, with $19.67 as the 52 week high point — that compares with a last trade of $17.88. FTSE Nordic Region shares are currently trading off about 1.1% on the day.