HYDW Crosses Critical Technical Indicator
ETF Channel Staff - Tuesday, April 16, 4:17 PMIn trading on Tuesday, shares of the HYDW ETF (HYDW) entered into oversold territory, changing hands as low as $45.08 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 HYDW, the RSI reading has hit 29.7 — by comparison, the RSI reading for the S&P 500 is currently 40.4.
A bullish investor could look at HYDW's 29.7 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), HYDW's low point in its 52 week range is $43.22 per share, with $46.53 as the 52 week high point — that compares with a last trade of $45.15. HYDW shares are currently trading off about 0.3% on the day.
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