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Proshares Short High Yield Getting Very Oversold

Mon, Dec 31, 11:25 AM ET, by ETF Channel

In trading on Monday, shares of the Proshares Short High Yield ETF (SJB) entered into oversold territory, changing hands as low as $32.24 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 Proshares Short High Yield, the RSI reading has hit 29.2 by comparison, the RSI reading for the S&P 500 is currently 48.9.

A bullish investor could look at SJB's 29.2 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), SJB's low point in its 52 week range is $32.20 per share, with $37.41 as the 52 week high point that compares with a last trade of $32.24. Proshares Short High Yield shares are currently trading off about 0.2% on the day.

Proshares Short High Yield 1 Year Performance Chart


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Read the original article at ETF Channel: Proshares Short High Yield Getting Very Oversold


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SDI Glossary: "Oversold" Definition
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SDI Glossary: "Yield" Definition
This Article's Word Cloud:   Channel   Dave   Days   Getting   Growth   High   Looking   Oversold   Proshares   Relative   Short   Special   Strength   Yield   adsbygoogle   analysis   below   bullish   case   changing   compares   comparison   currently   define   entered   entry   falls   heavy   into   last   look   oversold   point   range   reading   selling   share   shares   sign   technical   territory   that   trading   used   using   week   what   which   with   zero

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