In trading on Thursday, shares of the Defiance Daily Target 2X Long IREN ETF (Symbol: IRE) entered into oversold territory, changing hands as low as $8.83 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 Defiance Daily Target 2X Long IREN, the RSI reading has hit 28.9 — by comparison, the RSI reading for the S&P 500 is currently 50.6.
A bullish investor could look at IRE’s 28.9 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), IRE’s low point in its 52 week range is $8.83 per share, with $124.68 as the 52 week high point — that compares with a last trade of $9.02. Defiance Daily Target 2X Long IREN shares are currently trading off about 15.6% on the day.
