Shares of EQGP Now Oversold

Shutterstock photo

In trading on Friday, shares of EQT GP Holdings LP (Symbol: EQGP) entered into oversold territory, changing hands as low as $26.31 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 EQT GP Holdings LP, the RSI reading has hit 29.9 - by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 44.0, the RSI of WTI Crude Oil is at 57.6, the RSI of Henry Hub Natural Gas is presently 55.2, and the 3-2-1 Crack Spread RSI is 56.9. A bullish investor could look at EQGP's 29.9 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), EQGP's low point in its 52 week range is $21.45 per share, with $31.76 as the 52 week high point - that compares with a last trade of $26.48. EQT GP Holdings LP shares are currently trading off about 1.6% on the day.

EQT GP Holdings LP 1 Year Performance Chart

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: EQGP

More from BNK Invest


BNK Invest

BNK Invest

Market News, Investing

Research Brokers before you trade

Want to trade FX?

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by BankRate.com