DFAT shares are now oversold
During Monday’s trading, shares of ETF DFAT (Symbol: DFAT) entered oversold territory, changing hands as low as $42.98 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 DFAT, the RSI reading reached 24.2 – in comparison, the RSI reading for the S&P 500 is currently 35.2. A bullish investor might take the DFAT reading of 24.2 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), DFAT’s low point in its 52-week range is $38.5896 per share, with $50 as its 52-week high – compare with a last transaction of $43.26. DFAT shares are currently trading around 3.8% higher on the day.
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