EWT crowded with sellers | Nasdaq

During Thursday’s trading, shares of ETF EWT (Symbol: EWT) entered oversold territory, changing hands as low as $46.255 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 oversold if the RSI reading falls below 30.

In the case of the EWT, the RSI reading reached 29.6 โ€“ in comparison, the RSI reading for the S&P 500 is currently 32.8. A bullish investor might take the 29.6 EWT reading as a sign that the recent selloff is running out of steam and starting to look for entry point opportunities on the buy side.

Looking at a one-year performance chart (below), EWT’s low point in its 52-week range is $46.22 per share, with $68.40 as its 52-week high โ€“ compare with a final trade of $46.25. Shares of EWT are currently trading down around 0.7% on the day.

1 Year EWT Performance Chart

Free report: Top 7%+ Dividends (paid monthly)

Find out what 9 other oversold stocks you need to know ยป

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


Back to top button