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In trading on Friday, shares of the PowerShares QQQ ETF (NASDAQ:QQQ) entered into oversold territory, changing hands as low as $60.39 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 PowerShares QQQ, the RSI reading has hit 30.0 — by comparison, the RSI reading for the S&P 500 is currently 29.0.
A bullish investor could look at QQQ's 30.0 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), QQQ's low point in its 52 week range is $49.93 per share, with $68.55 as the 52 week high point — that compares with a last trade of $60.50. PowerShares QQQ shares are currently trading off about 2.4% on the day.
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