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In trading on Friday, shares of the iShares Core Moderate Allocation Fund ETF (Symbol: AOM) entered into oversold territory, changing hands as low as $47.44 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 iShares Core Moderate Allocation Fund, the RSI reading has hit 28.7 — by comparison, the RSI reading for the S&P 500 is currently 32.8. A bullish investor could look at AOM's 28.7 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), AOM's low point in its 52 week range is $41.20 per share, with $49.25 as the 52 week high point — that compares with a last trade of $47.43. iShares Core Moderate Allocation Fund shares are currently trading down about 0.3% 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.