In trading on Friday, shares of the ProShares ProShares S&P 500 Dividend Aristocrats ETF (Symbol: NOBL) entered into oversold territory, changing hands as low as $87.97 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 ProShares ProShares S&P 500 Dividend Aristocrats, the RSI reading has hit 29.7 — by comparison, the RSI reading for the S&P 500 is currently 34.1.
A bullish investor could look at NOBL’s 29.7 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), NOBL’s low point in its 52 week range is $69.825 per share, with $94.98 as the 52 week high point — that compares with a last trade of $88.08. ProShares ProShares S&P 500 Dividend Aristocrats shares are currently trading down about 0.5% on the day.
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