In trading on Wednesday, shares of the BondBloxx BBB Rated 1-5 Year Corporate Bond ETF (Symbol: BBBS) entered into oversold territory, changing hands as low as $49.93 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 BondBloxx BBB Rated 1-5 Year Corporate Bond, the RSI reading has hit 27.2 — by comparison, the RSI reading for the S&P 500 is currently 51.8. A bullish investor could look at BBBS's 27.
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