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SPDR Wells Fargo Preferred Stock Getting Very Oversold

Fri, Dec 21, 11:55 AM ET, by ETF Channel

In trading on Friday, shares of the SPDR Wells Fargo Preferred Stock ETF (PSK) entered into oversold territory, changing hands as low as $44.74 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 Wells Fargo Preferred Stock, the RSI reading has hit 22.4 by comparison, the RSI reading for the S&P 500 is currently 49.5.

A bullish investor could look at PSK's 22.4 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), PSK's low point in its 52 week range is $41.71 per share, with $46.59 as the 52 week high point that compares with a last trade of $44.78. SPDR Wells Fargo Preferred Stock shares are currently trading trading flat on the day.

SPDR Wells Fargo Preferred Stock 1 Year Performance Chart


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Read the original article at ETF Channel: SPDR Wells Fargo Preferred Stock Getting Very Oversold


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This Article's Word Cloud:   Channel   Dave   Days   Fargo   Friday   Getting   Growth   Looking   Oversold   Preferred   Relative   SPDR   Special   Stock   Strength   Wells   analysis   below   bullish   case   changing   compares   comparison   currently   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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