SPDR S&P Global Infrastructure (GII) Enters Oversold Territory
ETF Channel Staff - Wednesday, September 6, 4:17 PMIn trading on Wednesday, shares of the SPDR S&P Global Infrastructure ETF (GII) entered into oversold territory, changing hands as low as $50.42 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 S&P Global Infrastructure, the RSI reading has hit 28.6 — by comparison, the RSI reading for the S&P 500 is currently 49.2.
A bullish investor could look at GII's 28.6 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), GII's low point in its 52 week range is $46.35 per share, with $56.13 as the 52 week high point — that compares with a last trade of $50.49. SPDR S&P Global Infrastructure shares are currently trading off about 1.2% on the day.
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