Invesco International Dividend Achievers (PID) Enters Oversold Territory
ETF Channel Staff - Monday, July 19, 11:22 AMIn trading on Monday, shares of the Invesco International Dividend Achievers ETF (PID) entered into oversold territory, changing hands as low as $17 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 Invesco International Dividend Achievers, the RSI reading has hit 28.1 — by comparison, the RSI reading for the S&P 500 is currently 42.2.
A bullish investor could look at PID's 28.1 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), PID's low point in its 52 week range is $12.35 per share, with $18.56 as the 52 week high point — that compares with a last trade of $17.03. Invesco International Dividend Achievers shares are currently trading off about 2.3% on the day.
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