In trading on Friday, shares of the ProShares UltraPro QQQ ETF (Symbol: TQQQ) entered into oversold territory, changing hands as low as $48.9203 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 UltraPro QQQ, the RSI reading has hit 29.5 — by comparison, the RSI reading for the S&P 500 is currently 32.0.
A bullish investor could look at TQQQ’s 29.5 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), TQQQ’s low point in its 52 week range is $25.17 per share, with $64.13 as the 52 week high point — that compares with a last trade of $48.91. ProShares UltraPro QQQ shares are currently trading off about 6.6% on the day.
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Also see:
RENB Options Chain
EVR YTD Return
Funds Holding GREI
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