Invesco CEF Income Composite Getting Very OversoldBy Dividend Channel Staff, Monday, April 15, 4:59 PM ETIn trading on Monday, shares of the Invesco CEF Income Composite ETF (NYSE:PCEF) entered into oversold territory, changing hands as low as $17.87 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 Invesco CEF Income Composite, the RSI reading has hit 26.5 — by comparison, the RSI reading for the S&P 500 is currently 39.4. A bullish investor could look at PCEF's 26.5 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), PCEF's low point in its 52 week range is $15.9699 per share, with $18.8663 as the 52 week high point — that compares with a last trade of $17.88. Invesco CEF Income Composite shares are currently trading off about 1.4% on the day.
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