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| FirstEnergy Stock Getting Very OversoldBy Energy Stock Channel Staff, Tuesday, September 5, 11:36 AM ET
In trading on Tuesday, shares of FirstEnergy Corp (NYSE:FE) entered into oversold territory, changing hands as low as $34.925 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 27.2 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 51.6, the RSI of WTI Crude Oil is at 72.6, the RSI of Henry Hub Natural Gas is presently 45.4, and the 3-2-1 Crack Spread RSI is 24.3. A bullish investor could look at FE's 27.2 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), FE's low point in its 52 week range is $34.925 per share, with $43.31 as the 52 week high point — that compares with a last trade of $34.95. FirstEnergy Corp shares are currently trading down about 2.1% on the day.
The FE RSI information above was sourced from TechnicalAnalysisChannel.com Can your brain be trained to become a chart-predicting wizard? Click here to find out
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