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OII

Shares of OII Now Oversold

In trading on Thursday, shares of Oceaneering International, Inc. (Symbol: OII) entered into oversold territory, changing hands as low as $21.945 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 Oceaneering International, Inc., the RSI reading has hit 29.5 - by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 43.8, the RSI of WTI Crude Oil is at 36.6, the RSI of Henry Hub Natural Gas is presently 42.3, and the 3-2-1 Crack Spread RSI is 50.0. A bullish investor could look at OII's 29.5 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), OII's low point in its 52 week range is $21.945 per share, with $32.30 as the 52 week high point - that compares with a last trade of $21.99. Oceaneering International, Inc. shares are currently trading down about 2.1% on the day.

Oceaneering International, Inc. 1 Year Performance Chart

According to the ETF Finder at ETF Channel, OII makes up 2.94% of the SPDR S&P Oil & Gas Equipment & Services ETF (Symbol: XES) which is trading higher by about 1.3% on the day Thursday.

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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