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Pattern Energy Group Breaks Below 200-Day Moving Average - Notable for PEGI
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In trading on Wednesday, shares of Pattern Energy Group Inc (PEGI) crossed below their 200 ...

Pattern Energy Group (PEGI) Shares Enter Oversold Territory

By Energy Stock Channel Staff, Wednesday, August 9, 3:55 PM ET
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In trading on Wednesday, shares of Pattern Energy Group Inc (NASDAQ:PEGI) entered into oversold territory, changing hands as low as $23.363 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 Pattern Energy Group Inc, the RSI reading has hit 29.1 by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 46.8, the RSI of WTI Crude Oil is at 64.0, the RSI of Henry Hub Natural Gas is presently 48.9, and the 3-2-1 Crack Spread RSI is 53.4.

A bullish investor could look at PEGI's 29.1 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), PEGI's low point in its 52 week range is $18.68 per share, with $25.42 as the 52 week high point that compares with a last trade of $23.36. Pattern Energy Group Inc shares are currently trading off about 2.7% on the day.

Pattern Energy Group Inc 1 Year Performance Chart

According to the ETF Finder at ETF Channel, PEGI makes up 4.99% of the iShares Global Clean Energy ETF (NASDAQ:ICLN) which is trading lower by about 0.8% on the day Wednesday.

See what other ETFs contain PEGI
See what other stocks are held by ICLN


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