In trading on Friday, shares of the Proshares Ultra Consumer Services ETF (UCC) entered into oversold territory, changing hands as low as $70.5301 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 Ultra Consumer Services, the RSI reading has hit 29.3 — by comparison, the RSI reading for the S&P 500 is currently 26.8.

A bullish investor could look at UCC's 29.3 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), UCC's low point in its 52 week range is $46.16 per share, with $82.53 as the 52 week high point — that compares with a last trade of $70.53. Proshares Ultra Consumer Services shares are currently trading off about 0.7% on the day.