In trading on Tuesday, shares of the GraniteShares YieldBoost RIOT ETF (Symbol: RTYY) entered into oversold territory, changing hands as low as $10.35 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 GraniteShares YieldBoost RIOT, the RSI reading has hit 29.4 — by comparison, the RSI reading for the S&P 500 is currently 54.3.
A bullish investor could look at RTYY’s 29.4 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), RTYY’s low point in its 52 week range is $10.35 per share, with $25.40 as the 52 week high point — that compares with a last trade of $10.41. GraniteShares YieldBoost RIOT shares are currently trading down about 0.6% on the day.
