GraniteShares YieldBOOST MSTR Getting Very Oversold

In trading on Thursday, shares of the GraniteShares YieldBOOST MSTR ETF (Symbol: MTYY) entered into oversold territory, changing hands as low as $4.62 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 GraniteShares YieldBOOST MSTR, the RSI reading has hit 29.6 — by comparison, the RSI reading for the S&P 500 is currently 46.0.

A bullish investor could look at MTYY’s 29.6 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.

Looking at a chart of one year performance (below), MTYY’s low point in its 52 week range is $4.62 per share, with $25.17 as the 52 week high point — that compares with a last trade of $4.69. GraniteShares YieldBOOST MSTR shares are currently trading off about 2.8% on the day.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.