In trading on Friday, shares of the Global X Artificial Intelligence & Technology ETF (Symbol: AIQ) entered into oversold territory, changing hands as low as $46.52 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 Global X Artificial Intelligence & Technology, the RSI reading has hit 28.8 — by comparison, the RSI reading for the S&P 500 is currently 37.1.
A bullish investor could look at AIQ’s 28.8 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), AIQ’s low point in its 52 week range is $30.60 per share, with $53.75 as the 52 week high point — that compares with a last trade of $46.78. Global X Artificial Intelligence & Technology shares are currently trading off about 1.5% on the day.
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