In trading on Wednesday, shares of the T-Rex 2X Long GLXY Daily Target ETF (Symbol: GLXU) entered into oversold territory, changing hands as low as $3.70 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 T-Rex 2X Long GLXY Daily Target, the RSI reading has hit 28.9 — by comparison, the RSI reading for the S&P 500 is currently 66.1.
A bullish investor could look at GLXU’s 28.9 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), GLXU’s low point in its 52 week range is $3.67 per share, with $56.51 as the 52 week high point — that compares with a last trade of $3.77. T-Rex 2X Long GLXY Daily Target shares are currently trading down about 25.7% on the day.
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Further GLXU Research:
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