In trading on Friday, shares of the Direxion Daily PLTR Bear 1X Shares ETF (Symbol: PLTD) entered into oversold territory, changing hands as low as $6.71 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 Direxion Daily PLTR Bear 1X Shares, the RSI reading has hit 29.8 — by comparison, the RSI reading for the S&P 500 is currently 75.2.
A bullish investor could look at PLTD’s 29.8 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), PLTD’s low point in its 52 week range is $5.87 per share, with $10.92 as the 52 week high point — that compares with a last trade of $6.77. Direxion Daily PLTR Bear 1X Shares shares are currently trading down about 9.2% on the day.
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Further PLTD Research:
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