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SDOW Crowded With Sellers

Fri, Feb 1, 11:26 AM ET, by ETF Channel

In trading on Friday, shares of the Proshares UltraPro Short Dow30 ETF (SDOW) entered into oversold territory, changing hands as low as $55.7157 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 UltraPro Short Dow30, the RSI reading has hit 27.1 by comparison, the RSI reading for the S&P 500 is currently 71.6.

A bullish investor could look at SDOW's 27.1 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), SDOW's low point in its 52 week range is $55.7157 per share, with $98.28 as the 52 week high point that compares with a last trade of $56.00. Proshares UltraPro Short Dow30 shares are currently trading off about 2.3% on the day.

Proshares UltraPro Short Dow30 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: SDOW Crowded With Sellers


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