Banco de Chile enters oversold territory with a 29.2 RSI

In trading on Wednesday, shares of Banco de Chile (BCH) entered into oversold territory, hitting a Relative Strenght Index (RSI) reading of 29.2, after changing hands as low as $19.11 per share. A stock is considered to be oversold if the RSI reading falls below 30. By comparison, the current RSI reading of the S&P 500 ETF (SPY) is 66.2. A bullish investor could look at BCH’s 29.2 RSI 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.

Source: Nasdaq