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| Shares of OKE Now OversoldBy Energy Stock Channel Staff, Tuesday, May 16, 1:46 PM ET
In trading on Tuesday, shares of ONEOK Inc (NYSE:OKE) entered into oversold territory, changing hands as low as $56.25 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 ONEOK Inc, the RSI reading has hit 29.6 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 46.4, the RSI of WTI Crude Oil is at 43.8, the RSI of Henry Hub Natural Gas is presently 61.4, and the 3-2-1 Crack Spread RSI is 29.8. A bullish investor could look at OKE's 29.6 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), OKE's low point in its 52 week range is $50.50 per share, with $71.5737 as the 52 week high point — that compares with a last trade of $56.62. ONEOK Inc shares are currently trading off about 2.3% on the day.
The OKE RSI information above was sourced from TechnicalAnalysisChannel.com Special Offer: Receive our best dividend ideas directly to your inbox each afternoon with the Dividend Channel Premium Newsletter
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