In trading on Thursday, shares of the iShares Morningstar Small Value Index Fund ETF (JKL) entered into oversold territory, changing hands as low as $83.252 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 Morningstar Small Value Index Fund, the RSI reading has hit 29.1 — by comparison, the RSI reading for the S&P 500 is currently 27.0.

A bullish investor could look at JKL's 29.1 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), JKL's low point in its 52 week range is $71.72 per share, with $92.67 as the 52 week high point — that compares with a last trade of $83.37. iShares Morningstar Small Value Index Fund shares are currently trading off about 0.5% on the day.