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Noble Energy (NBL) Shares Enter Oversold Territory

By Energy Stock Channel Staff, Thursday, January 30, 11:57 AM ET
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In trading on Thursday, shares of Noble Energy Inc (NASDAQ:NBL) entered into oversold territory, changing hands as low as $20.01 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 Noble Energy Inc, the RSI reading has hit 28.2 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 42.8, the RSI of WTI Crude Oil is at -1.0, the RSI of Henry Hub Natural Gas is presently 25.9, and the 3-2-1 Crack Spread RSI is 42.7.

A bullish investor could look at NBL's 28.2 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), NBL's low point in its 52 week range is $19.01 per share, with $28.40 as the 52 week high point — that compares with a last trade of $20.14. Noble Energy Inc shares are currently trading off about 2.5% on the day.

Noble Energy Inc 1 Year Performance Chart

The NBL RSI information above was sourced from TechnicalAnalysisChannel.com


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