In the case of Brookfield Renewable Partners LP, the RSI reading has hit 28.5 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 47.1, the RSI of WTI Crude Oil is at 50.0, the RSI of Henry Hub Natural Gas is presently 61.1, and the 3-2-1 Crack Spread RSI is 79.8. A bullish investor could look at BEP's 28.5 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), BEP's low point in its 52 week range is $19.92 per share, with $29.56 as the 52 week high point — that compares with a last trade of $23.24. Brookfield Renewable Partners LP shares are currently trading off about 2.2% 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.
