In trading on Thursday, shares of the Proshares UltraShort MSCI Europe ETF (EPV) entered into oversold territory, changing hands as low as $24.9601 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 UltraShort MSCI Europe, the RSI reading has hit 29.5 — by comparison, the RSI reading for the S&P 500 is currently 66.0.

A bullish investor could look at EPV's 29.5 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), EPV's low point in its 52 week range is $24.9601 per share, with $49.47 as the 52 week high point — that compares with a last trade of $24.99. Proshares UltraShort MSCI Europe shares are currently trading off about 3.2% on the day.