In trading on Thursday, shares of the Proshares VIX Mid-Term Futures ETF (VIXM) entered into oversold territory, changing hands as low as $36.79 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 VIX Mid-Term Futures, the RSI reading has hit 30.0 — by comparison, the RSI reading for the S&P 500 is currently 43.3.

A bullish investor could look at VIXM's 30.0 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), VIXM's low point in its 52 week range is $36.79 per share, with $88.51 as the 52 week high point — that compares with a last trade of $36.89. Proshares VIX Mid-Term Futures shares are currently trading down about 4.8% on the day.