In trading on Tuesday, shares of the Defiance Daily Target 2X Short PLTR ETF (Symbol: PLTZ) entered into oversold territory, changing hands as low as $11.06 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 Defiance Daily Target 2X Short PLTR, the RSI reading has hit 26.8 — by comparison, the RSI reading for the S&P 500 is currently 67.3.
A bullish investor could look at PLTZ’s 26.8 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), PLTZ’s low point in its 52 week range is $11.06 per share, with $47.40 as the 52 week high point — that compares with a last trade of $12.00. Defiance Daily Target 2X Short PLTR shares are currently trading off about 58.7% on the day.
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Further PLTZ Research:
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