WBIY Crowded With Sellers
In trading on Friday, shares of the WBI Power Factor High Dividend ETF (Symbol: WBIY) entered into oversold territory, changing hands as low as $34.68 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 WBI Power Factor High Dividend, the RSI reading has hit 28.7 — by comparison, the RSI reading for the S&P 500 is currently 60.5. A bullish investor could look at WBIY's 28.7 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), WBIY's low point in its 52 week range is $29.7343 per share, with $39.2274 as the 52 week high point — that compares with a last trade of $34.71. WBI Power Factor High Dividend shares are currently trading off about 1.7% on the day.
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