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| Boardwalk Pipeline Partners LP (BWP) Shares Enter Oversold TerritoryBy Energy Stock Channel Staff, Tuesday, November 6, 11:26 AM ET
In trading on Tuesday, shares of Boardwalk Pipeline Partners LP (NYSE:BWP) entered into oversold territory, changing hands as low as $25.25 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 Boardwalk Pipeline Partners LP, the RSI reading has hit 21.4 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 45.6, the RSI of WTI Crude Oil is at 40.3, and the RSI of Henry Hub Natural Gas is presently 61.8. A bullish investor could look at BWP's 21.4 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), BWP's low point in its 52 week range is $25.15 per share, with $29.43 as the 52 week high point — that compares with a last trade of $25.47. Boardwalk Pipeline Partners LP shares are currently trading down about 1.2% on the day.
According to the ETF Finder at ETF Channel, BWP makes up 2.74% of the MLP ETF (AMEX:MLPA) which is trading higher by about 0.3% on the day Tuesday. See what other ETFs contain BWP » Special Offer: Manage the risks of the markets better with a free 30 day trial to the Multi-Asset Class Risk Management Portfolio.
Find the right mix of model portfolios today at PortfolioChannel.com
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