iShares iBonds Dec 2024 Term Muni Bond (IBMM) Enters Oversold Territory
ETF Channel Staff - Monday, January 10, 4:01 PMIn trading on Monday, shares of the iShares— iBonds— Dec 2024 Term Muni Bond ETF (IBMM) entered into oversold territory, changing hands as low as $26.67 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 iShares— iBonds— Dec 2024 Term Muni Bond, the RSI reading has hit 23.3 — by comparison, the RSI reading for the S&P 500 is currently 43.6.
A bullish investor could look at IBMM's 23.3 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), IBMM's low point in its 52 week range is $26.67 per share, with $27.17 as the 52 week high point — that compares with a last trade of $26.67. iShares— iBonds— Dec 2024 Term Muni Bond shares are currently trading off about 0.3% on the day.
Special Offer: Join the income investing conversation on ValueForum.com with a special Seven Days for Seven Dollars invitation.