Shares of BOEG Now Oversold

In trading on Thursday, shares of the Leverage Shares 2X Long BA Daily ETF (Symbol: BOEG) entered into oversold territory, changing hands as low as $10.67 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 Leverage Shares 2X Long BA Daily, the RSI reading has hit 27.6 — by comparison, the RSI reading for the S&P 500 is currently 50.8. A bullish investor could look at BOEG's 27.6 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.