In trading on Wednesday, shares of the Roundhill Sports Betting & iGaming ETF (Symbol: BETZ) entered into oversold territory, changing hands as low as $17.70 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 Roundhill Sports Betting & iGaming, the RSI reading has hit 26.3 — by comparison, the RSI reading for the S&P 500 is currently 51.8.
A bullish investor could look at BETZ’s 26.3 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), BETZ’s low point in its 52 week range is $17.05 per share, with $24.7673 as the 52 week high point — that compares with a last trade of $17.70. Roundhill Sports Betting & iGaming shares are currently trading down about 2.9% on the day.
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