In trading on Friday, shares of Elastic NV (Symbol: ESTC) entered into oversold territory, hitting an RSI reading of 27.6, after changing hands as low as $42.05 per share. By comparison, the current RSI reading of the S&P 500 ETF (SPY) is 59.3. A bullish investor could look at ESTC's 27.6 RSI reading today 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. The chart below shows the one year performance of ESTC shares:
Looking at the chart above, ESTC's low point in its 52 week range is $42.05 per share, with $96.065 as the 52 week high point — that compares with a last trade of $43.30.
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