In trading on Friday, shares of the SPDR Barclays Long Term Corporate Bond ETF (LWC) entered into oversold territory, changing hands as low as $39.8464 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 SPDR Barclays Long Term Corporate Bond, the RSI reading has hit 29.6 — by comparison, the RSI reading for the S&P 500 is currently 72.2.

A bullish investor could look at LWC's 29.6 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), LWC's low point in its 52 week range is $37.67 per share, with $42.76 as the 52 week high point — that compares with a last trade of $40.07. SPDR Barclays Long Term Corporate Bond shares are currently trading trading flat on the day.