In trading on Monday, shares of the AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF (Symbol: SMIG) entered into oversold territory, changing hands as low as $28.01 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 AAM Bahl & Gaynor Small/Mid Cap Income Growth, the RSI reading has hit 29.7 — by comparison, the RSI reading for the S&P 500 is currently 59.8.
A bullish investor could look at SMIG’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), SMIG’s low point in its 52 week range is $25.24 per share, with $32.08 as the 52 week high point — that compares with a last trade of $28.15. AAM Bahl & Gaynor Small/Mid Cap Income Growth shares are currently trading off about 1% on the day.
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