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| AQN Crosses Critical Technical IndicatorBy Energy Stock Channel Staff, Friday, October 1, 1:06 PM ET
In trading on Friday, shares of Algonquin Power & Utilities Corp (NYSE:AQN) entered into oversold territory, changing hands as low as $14.53 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 Algonquin Power & Utilities Corp, the RSI reading has hit 28.3 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 55.3, the RSI of WTI Crude Oil is at 64.0, the RSI of Henry Hub Natural Gas is presently 61.8, and the 3-2-1 Crack Spread RSI is 48.7. A bullish investor could look at AQN's 28.3 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), AQN's low point in its 52 week range is $14.48 per share, with $17.86 as the 52 week high point — that compares with a last trade of $14.56. Algonquin Power & Utilities Corp shares are currently trading off about 0.7% on the day.
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