USHY crowded with sellers | Nasdaq

IDuring Monday’s trading, shares of the iShares Broad USD High Yield Corporate Bond ETF (Symbol: USHY) entered oversold territory, changing hands as low as $37.7827 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 iShares Broad USD High Yield Corporate Bond, the RSI reading reached 26.8 โ€“ in comparison, the RSI reading for the S&P 500 is currently 41.8. A bullish investor might take the 26.8 reading from USHY as a sign that the recent selloff is running out, and start looking for entry point opportunities on the buy side.

Looking at a one-year performance chart (below), USHY’s low point in its 52-week range is $37.7827 per share, with $41.80 as its 52-week high โ€“ compare with a final trade of $37.84. iShares Broad USD High Yield Corporate Bond shares are currently trading down around 0.9% on the day.

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