In trading on Wednesday, shares of Tenaris SA (NYSE:TS) entered into oversold territory, changing hands as low as $36.12 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.
A bullish investor could look at TS'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), TS's low point in its 52 week range is $29.79 per share, with $44.88 as the 52 week high point — that compares with a last trade of $36.17. Tenaris SA shares are currently trading off about 0.8% on the day.
According to the ETF Finder at ETF Channel, TS makes up 3.93% of the Oil Services ETF (AMEX:OIH) which is trading lower by about 1.2% on the day Wednesday.
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