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QQQE (QQQE) Enters Oversold Territory

By Market News Video Staff, Friday, June 1, 3:50 PM ET
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In trading on Friday, shares of the QQQE ETF (AMEX:QQQE) entered into oversold territory, changing hands as low as $34.988 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 QQQE, the RSI reading has hit 28.8 by comparison, the RSI reading for the S&P 500 is currently 29.0.

A bullish investor could look at QQQE's 28.8 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), QQQE's low point in its 52 week range is $34.988 per share, with $40.52 as the 52 week high point that compares with a last trade of $35.00. QQQE shares are currently trading down about 3.4% on the day.

QQQE 1 Year Performance Chart

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