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Exreme: Overbought; RSI at 79.29
Nearest Resistance: N/A
Nearest Support: $66.70
They don't get much more overbought than
Plains All American Pipeline(PAA - Get Report), a stock whose RSI level rings in at 79.29 right now. Plains has been rallying hard in the last month, climbing more than 11% as investors pile into this energy sector holding. That upward momentum is more than just good for near-term prices; shares of Plains pushed their way to all-time highs this month, a move that has major psychological consequences.
Hitting all-time highs is technically relevant because it has everything to do with how shareholders approach this stock. Not only is every PAA shareholder who's ever bought sitting on gains right now, they're also getting a 5.6% dividend yield right now. Both of those factors reduce incentives to sell, tipping the scales toward a demand imbalance for PAA.
For now, it's still a good time to be a momentum buyer.
Plains All American shows up on a recent list of
5 Large-Caps Flirting With 52-Week Highs.