Fidelity MSCI Industrials Index (FIDU) Enters Oversold Territory

In trading on Monday, shares of the Fidelity MSCI Industrials Index ETF (Symbol: FIDU) entered into oversold territory, changing hands as low as $69.56 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 Fidelity MSCI Industrials Index, the RSI reading has hit 26.5 — by comparison, the RSI reading for the S&P 500 is currently 39.2. A bullish investor could look at FIDU's 26.5 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), FIDU's low point in its 52 week range is $58.885 per share, with $77.5921 as the 52 week high point — that compares with a last trade of $69.79. Fidelity MSCI Industrials Index shares are currently trading down about 2% 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.