Invesco Dynamic Pharmaceuticals Getting Very Oversold
ETF Channel Staff - Monday, January 24, 4:03 PMIn trading on Monday, shares of the Invesco Dynamic Pharmaceuticals ETF (PJP) entered into oversold territory, changing hands as low as $73.3186 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 Dynamic Pharmaceuticals, the RSI reading has hit 29.9 — by comparison, the RSI reading for the S&P 500 is currently 24.0.
A bullish investor could look at PJP's 29.9 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), PJP's low point in its 52 week range is $73.3186 per share, with $83.23 as the 52 week high point — that compares with a last trade of $74.70. Invesco Dynamic Pharmaceuticals shares are currently trading off about 1.7% on the day.
Free Report: Top 7%+ Dividends (paid monthly)