Perhaps the most efficient way to measure the level of fear in a given stock, the Relative Strength Index (RSI) is a technical analysis indicator that measures a stock’s momentum on a scale of 0-100. If a stock falls below 30, it is considered oversold.

As of afternoon trading, shares of Ultimate Software Group Inc. (NASDAQ:$ULTI) entered the oversold territory, seeing an RSI reading of 29.9. The stock changed hands as low as $190.02 per share, and bullish investors are taking it as a sign to begin looking for entry point opportunities on the buy side. As a reference, the current RSI reading of the S&P 500 ETF (NASDAQ:$SPY) is 51.6.

ULTI’s low point in its 52 weeks range is $180.29 per share, with $233.42 as the 52 week high point. Shares of the company proceeds to move on volatility.

Even further, the 3-day RSI stands at 22.4, 7-day sits at 39.33 and 14-day sits at 41.33.

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