In trading on Monday, shares of the YieldMax GME Option Income Strategy ETF (Symbol: GMEY) entered into oversold territory, changing hands as low as $23.70 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 YieldMax GME Option Income Strategy, the RSI reading has hit 22.2 — by comparison, the RSI reading for the S&P 500 is currently 58.6.
A bullish investor could look at GMEY’s 22.2 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), GMEY’s low point in its 52 week range is $23.70 per share, with $56.15 as the 52 week high point — that compares with a last trade of $23.70. YieldMax GME Option Income Strategy shares are currently trading down about 13.5% on the day.
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Further GMEY Research:
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