In trading on Monday, shares of the Direxion Daily Aerospace & Defense Bull 3X ETF (Symbol: DFEN) entered into oversold territory, changing hands as low as $53.25 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 Direxion Daily Aerospace & Defense Bull 3X, the RSI reading has hit 29.99 — by comparison, the RSI reading for the S&P 500 is currently 55.0. A bullish investor could look at DFEN's 29.
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