SPDR Nuveen S&P High Yield Municipal Bond (HYMB) Enters Oversold Territory
ETF Channel Staff - Monday, October 1, 3:55 PMIn trading on Monday, shares of the SPDR Nuveen S&P High Yield Municipal Bond ETF (HYMB) entered into oversold territory, changing hands as low as $55.88 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 Nuveen S&P High Yield Municipal Bond, the RSI reading has hit 26.2 — by comparison, the RSI reading for the S&P 500 is currently 67.8.
A bullish investor could look at HYMB's 26.2 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), HYMB's low point in its 52 week range is $54.01 per share, with $56.98 as the 52 week high point — that compares with a last trade of $55.92. SPDR Nuveen S&P High Yield Municipal Bond shares are currently trading off about 0.6% on the day.
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