In trading on Friday, shares of the Daily Russia Bear 3x Shares ETF (RUSS) entered into oversold territory, changing hands as low as $13.86 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 Daily Russia Bear 3x Shares, the RSI reading has hit 29.8 — by comparison, the RSI reading for the S&P 500 is currently 70.6.

A bullish investor could look at RUSS's 29.8 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), RUSS's low point in its 52 week range is $13.65 per share, with $45.96 as the 52 week high point — that compares with a last trade of $14.02. Daily Russia Bear 3x Shares shares are currently trading down about 2.7% on the day.