SPDR Nuveen Bloomberg High Yield Municipal Bond Getting Very Oversold

In trading on Tuesday, shares of the SPDR Nuveen Bloomberg High Yield Municipal Bond ETF (Symbol: HYMB) entered into oversold territory, changing hands as low as $25.23 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 SPDR Nuveen Bloomberg High Yield Municipal Bond, the RSI reading has hit 29.2 — by comparison, the RSI reading for the S&P 500 is currently 42.7. A bullish investor could look at HYMB's 29.2 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), HYMB's low point in its 52 week range is $24.885 per share, with $26.33 as the 52 week high point — that compares with a last trade of $25.24. SPDR Nuveen Bloomberg High Yield Municipal Bond shares are currently trading down about 0.1% on the day.

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Also see:

• ZUO shares outstanding history
• CFLT Average Annual Return
• Funds Holding AINC

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