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FXP Crowded With Sellers

Thu, Jan 10, 4:16 PM ET, by ETF Channel

In trading on Thursday, shares of the Proshares UltraShort FTSE China 25 ETF (FXP) entered into oversold territory, changing hands as low as $16.4901 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 UltraShort FTSE China 25, the RSI reading has hit 29.2 by comparison, the RSI reading for the S&P 500 is currently 66.0.

A bullish investor could look at FXP'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), FXP's low point in its 52 week range is $16.27 per share, with $32.35 as the 52 week high point that compares with a last trade of $16.49. Proshares UltraShort FTSE China 25 shares are currently trading off about 3.1% on the day.

Proshares UltraShort FTSE China 25 1 Year Performance Chart


Special Offer: Find out what Dave Moenning is holding in the ETF Channel Flexible Growth Investment Portfolio with 30 Days Free.

Read the original article at ETF Channel: FXP Crowded With Sellers


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This Article's Word Cloud:   Channel   China   Crowded   Dave   Days   FTSE   Find   Index   Investment   Moenning   Offer   Portfolio   Proshares   Read   Relative   Special   UltraShort   about   analysis   below   bullish   comparison   considered   could   currently   entered   hands   look   momentum   opportunities   original   oversold   performance   point   range   reading   recent   scale   selling   share   shares   territory   that   trade   trading   using   week   what   with   zero

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