Shares of CRZO Now Oversold

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In trading on Thursday, shares of Carrizo Oil & Gas, Inc. (Symbol: CRZO) entered into oversold territory, changing hands as low as $25.352 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 Carrizo Oil & Gas, Inc., the RSI reading has hit 29.3 - by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 45.0, the RSI of WTI Crude Oil is at 39.5, the RSI of Henry Hub Natural Gas is presently 54.3, and the 3-2-1 Crack Spread RSI is 47.6. A bullish investor could look at CRZO's 29.3 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), CRZO's low point in its 52 week range is $25.352 per share, with $43.96 as the 52 week high point - that compares with a last trade of $25.48. Carrizo Oil & Gas, Inc. shares are currently trading off about 1.1% on the day.

Carrizo Oil & Gas, Inc. 1 Year Performance Chart

CRZO makes up 1.64% of the ProShares Ultra Oil & Gas Exploration & Production ETF (Symbol: UOP)

Click here to find out which 9 other oversold energy stocks you need to know about »

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing , Commodities
Referenced Symbols: CRZO , UOP

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