GLTR Crosses Critical Technical Indicator
ETF Channel Staff - Wednesday, December 15, 1:30 PMIn trading on Wednesday, shares of the GLTR ETF (GLTR) entered into oversold territory, changing hands as low as $83.8865 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 GLTR, the RSI reading has hit 29.5 — by comparison, the RSI reading for the S&P 500 is currently 49.2.
A bullish investor could look at GLTR'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), GLTR's low point in its 52 week range is $83.8865 per share, with $103.61 as the 52 week high point — that compares with a last trade of $83.96. GLTR shares are currently trading down about 0.9% on the day.
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