Shares of FSIG Now Oversold

In trading on Monday, shares of the First Trust Limited Duration Investment Grade Corporate ETF (Symbol: FSIG) entered into oversold territory, changing hands as low as $18.59 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 First Trust Limited Duration Investment Grade Corporate, the RSI reading has hit 29.5 — by comparison, the RSI reading for the S&P 500 is currently 55.0. A bullish investor could look at FSIG's 29.