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SCC Crowded With Sellers

Wed, Jan 2, 11:46 AM ET, by ETF Channel

In trading on Wednesday, shares of the Proshares UltraShort Consumer Services ETF (SCC) entered into oversold territory, changing hands as low as $37.06 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 Consumer Services, the RSI reading has hit 29.2 by comparison, the RSI reading for the S&P 500 is currently 67.2.

A bullish investor could look at SCC'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), SCC's low point in its 52 week range is $37.06 per share, with $63.88 as the 52 week high point that compares with a last trade of $37.24. Proshares UltraShort Consumer Services shares are currently trading down about 4.5% on the day.

Proshares UltraShort Consumer Services 1 Year Performance Chart


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


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This Article's Word Cloud:   Channel   Consumer   Crowded   Dave   Days   Growth   Looking   Proshares   Relative   Sellers   Services   Special   Strength   UltraShort   Wednesday   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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