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SLX Crowded With Sellers

Thu, Feb 21, 10:56 AM ET, by ETF Channel

In trading on Thursday, shares of the Steel ETF (SLX) entered into oversold territory, changing hands as low as $45.85 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 Steel, the RSI reading has hit 27.3 by comparison, the RSI reading for the S&P 500 is currently 53.3.

A bullish investor could look at SLX's 27.3 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), SLX's low point in its 52 week range is $40.18 per share, with $56.75 as the 52 week high point that compares with a last trade of $46.01. Steel shares are currently trading down about 1.5% on the day.

Steel 1 Year Performance Chart


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


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This Article's Word Cloud:   Channel   Crowded   Dave   Days   Growth   Looking   Moenning   Relative   Sellers   Special   Steel   Strength   adsbygoogle   analysis   below   bullish   case   changing   compares   comparison   currently   define   entered   entry   falls   heavy   indicator   into   last   look   oversold   point   range   reading   selling   share   shares   side   sign   technical   territory   that   trading   used   using   week   what   which   with   zero

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