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Shares of NRGM Now Oversold

By Energy Stock Channel Staff, Thursday, December 27, 3:49 PM ET
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In trading on Thursday, shares of Inergy Midstream L.P. (NRGM) entered into oversold territory, changing hands as low as $21.25 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 Inergy Midstream L.P., the RSI reading has hit 29.8 by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 48.8, the RSI of WTI Crude Oil is at 70.1, and the RSI of Henry Hub Natural Gas is presently 45.2.

A bullish investor could look at NRGM's 29.8 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), NRGM's low point in its 52 week range is $18.17 per share, with $25.3204 as the 52 week high point that compares with a last trade of $21.45. Inergy Midstream L.P. shares are currently trading off about 1.6% on the day.

Inergy Midstream L.P. 1 Year Performance Chart

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This Article's Word Cloud:   Crude   Dividend   Energy   Inergy   Looking   Midstream   NRGM   Oversold   Relative   Special   Start   Stocks   Strength   analysis   below   bullish   case   changing   compares   comparison   coupon   covered   currently   energy   entered   entry   falls   from   heavy   into   look   oversold   point   range   raquo   reading   selling   share   shares   sign   technical   territory   that   trading   used   week   what   which   with   zero

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