SCIN Crosses Critical Technical Indicator Thursday, May 31, 10:56 AM ET, by Market News Video Staff In trading on Thursday, shares of the India Small Cap ETF (SCIN) entered into oversold ...
In trading on Thursday, shares of the India Small Cap ETF (AMEX:SCIN) entered into oversold territory, changing hands as low as $11.7701 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 India Small Cap, the RSI reading has hit 29.9 — by comparison, the RSI reading for the S&P 500 is currently 37.8.
A bullish investor could look at SCIN's 29.9 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), SCIN's low point in its 52 week range is $11.09 per share, with $20.29 as the 52 week high point — that compares with a last trade of $11.77. India Small Cap shares are currently trading off about 0.1% on the day.
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