In trading on Friday, shares of the iShares Self-Driving EV and Tech ETF (Symbol: IDRV) entered into oversold territory, changing hands as low as $36.58 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 iShares Self-Driving EV and Tech, the RSI reading has hit 29.1 — by comparison, the RSI reading for the S&P 500 is currently 45.1.
A bullish investor could look at IDRV’s 29.1 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), IDRV’s low point in its 52 week range is $30.48 per share, with $45.64 as the 52 week high point — that compares with a last trade of $36.76. iShares Self-Driving EV and Tech shares are currently trading down about 1.9% on the day.
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Further IDRV Research:
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