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CHIM Crowded With Sellers

Tue, Feb 26, 4:16 PM ET, by ETF Channel

In trading on Tuesday, shares of the China Materials ETF (CHIM) entered into oversold territory, changing hands as low as $8.41 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 China Materials, the RSI reading has hit 29.7 by comparison, the RSI reading for the S&P 500 is currently 50.1.

A bullish investor could look at CHIM's 29.7 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), CHIM's low point in its 52 week range is $6.88 per share, with $10.27 as the 52 week high point that compares with a last trade of $8.52. China Materials shares are currently trading off about 1.9% on the day.

China Materials 1 Year Performance Chart


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


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