Markets

Brookfield Renewable Partners (BEP) Shares Enter Oversold Territory

In trading on Friday, shares of Brookfield Renewable Partners LP (Symbol: BEP) entered into oversold territory, changing hands as low as $27.5142 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 Brookfield Renewable Partners LP, the RSI reading has hit 28.4 - by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 44.1, the RSI of WTI Crude Oil is at 31.6, the RSI of Henry Hub Natural Gas is presently 40.4, and the 3-2-1 Crack Spread RSI is 41.5. A bullish investor could look at BEP's 28.4 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 $20.36 per share, with $31.85 as the 52 week high point - that compares with a last trade of $27.62. Brookfield Renewable Partners LP shares are currently trading off about 2.3% on the day.

Brookfield Renewable Partners LP 1 Year Performance Chart

According to the ETF Finder at ETF Channel, BEP makes up 10.66% of the YieldCo Index ETF (Symbol: YLCO) which is trading lower by about 0.7% on the day Friday.

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.


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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