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| Shares of CPN Now OversoldBy Energy Stock Channel Staff, Wednesday, June 13, 3:53 PM ET
In trading on Wednesday, shares of Calpine Corp (NYSE:CPN) entered into oversold territory, changing hands as low as $16.26 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 Calpine Corp, 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 43.4, the RSI of WTI Crude Oil is at 25.5, and the RSI of Henry Hub Natural Gas is presently 41.2. A bullish investor could look at CPN'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), CPN's low point in its 52 week range is $12.70 per share, with $19.03 as the 52 week high point — that compares with a last trade of $16.29. Calpine Corp shares are currently trading down about 0.8% on the day.
According to the ETF Finder at ETF Channel, CPN makes up 2.57% of the WilderHill Clean Energy Portfolio ETF (AMEX:PBW) which is trading lower by about 1.6% on the day Wednesday. See what other ETFs contain CPN » Special Offer: Small cap value stocks have outperformed the markets since the end of the recession — see what you've been missing with this free 30 day trial
Find the right mix of model portfolios today at PortfolioChannel.com
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