FLHY Crosses Critical Technical Indicator
ETF Channel Staff - Tuesday, October 3, 4:02 PMIn trading on Tuesday, shares of the FLHY ETF (FLHY) entered into oversold territory, changing hands as low as $22.05 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 FLHY, the RSI reading has hit 29.3 — by comparison, the RSI reading for the S&P 500 is currently 31.9.
A bullish investor could look at FLHY's 29.3 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), FLHY's low point in its 52 week range is $21.13 per share, with $23.24 as the 52 week high point — that compares with a last trade of $22.08. FLHY shares are currently trading down about 0.8% on the day.
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