IWV Crowded With Sellers | Nasdaq

IWV Crowded With Sellers | Nasdaq

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In trading on Friday, shares of the iShares Russell 3000 ETF (Symbol: IWV) entered into oversold territory, changing hands as low as $254.19 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 Russell 3000, the RSI reading has hit 27.9 — by comparison, the RSI reading for the S&P 500 is currently 28.8.

A bullish investor could look at IWV’s 27.9 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), IWV’s low point in its 52 week range is $221.52 per share, with $280.44 as the 52 week high point — that compares with a last trade of $254.94. iShares Russell 3000 shares are currently trading off about 1.9% on the day.

iShares Russell 3000 1 Year Performance Chart

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.