EZU Crowded With Sellers

In trading on Tuesday, shares of the iShares MSCI Eurozone ETF (Symbol: EZU) entered into oversold territory, changing hands as low as $47.53 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 iShares MSCI Eurozone, the RSI reading has hit 29.0 — by comparison, the RSI reading for the S&P 500 is currently 67.9. A bullish investor could look at EZU's 29.0 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), EZU's low point in its 52 week range is $42.79 per share, with $53.065 as the 52 week high point — that compares with a last trade of $47.57. iShares MSCI Eurozone shares are currently trading off about 1.9% on the day.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.