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In trading on Friday, shares of Middlesex Water Co. (Symbol: MSEX) entered into oversold territory, changing hands as low as $77.695 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 Middlesex Water Co., the RSI reading has hit 26.1 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 49.4, the RSI of WTI Crude Oil is at 53.3, the RSI of Henry Hub Natural Gas is presently 31.7, and the 3-2-1 Crack Spread RSI is 35.0.
A bullish investor could look at MSEX’s 26.1 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), MSEX’s low point in its 52 week range is $74.20 per share, with $121.425 as the 52 week high point — that compares with a last trade of $77.99. Middlesex Water Co. shares are currently trading off about 6.2% on the day.
Also see:
Costco Wholesale Technical Analysis
BYFC market cap history
SHLO YTD Return
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Image and article originally from www.nasdaq.com. Read the original article here.