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SMN Crowded With Sellers

Fri, Jan 25, 3:56 PM ET, by ETF Channel

In trading on Friday, shares of the Proshares UltraShort Basic Materials ETF (SMN) entered into oversold territory, changing hands as low as $48.73 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 Basic Materials, the RSI reading has hit 29.1 by comparison, the RSI reading for the S&P 500 is currently 74.7.

A bullish investor could look at SMN's 29.1 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), SMN's low point in its 52 week range is $48.34 per share, with $79.44 as the 52 week high point that compares with a last trade of $48.69. Proshares UltraShort Basic Materials shares are currently trading down about 0.8% on the day.

Proshares UltraShort Basic Materials 1 Year Performance Chart


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


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