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| FirstEnergy (FE) Shares Enter Oversold TerritoryBy Energy Stock Channel Staff, Thursday, June 9, 4:13 PM ET
In trading on Thursday, shares of FirstEnergy Corp (NYSE:FE) entered into oversold territory, changing hands as low as $41.045 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 FirstEnergy Corp, the RSI reading has hit 29.0 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 55.6, the RSI of WTI Crude Oil is at 65.0, the RSI of Henry Hub Natural Gas is presently 57.1, and the 3-2-1 Crack Spread RSI is 57.0. A bullish investor could look at FE's 29.0 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), FE's low point in its 52 week range is $35.4223 per share, with $48.85 as the 52 week high point — that compares with a last trade of $41.06. FirstEnergy Corp shares are currently trading off about 0.8% on the day.
The FE RSI information above was sourced from TechnicalAnalysisChannel.com Special Offer: Join the income investing conversation on ValueForum.com with a special Seven Days for Seven Dollars invitation.
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