In trading on Tuesday, shares of MV Oil Trust (NYSE:MVO) entered into oversold territory, changing hands as low as $32.60 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.
A bullish investor could look at MVO's 28.0 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), MVO's low point in its 52 week range is $31.30 per share, with $44.38 as the 52 week high point — that compares with a last trade of $32.90. MV Oil Trust shares are currently trading off about 2.9% on the day.
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