In trading on Friday, shares of Global Partners LP (GLP) entered into oversold territory, changing hands as low as $32.01 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 Global Partners LP, the RSI reading has hit 29.9 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 57.1, the RSI of WTI Crude Oil is at 39.3, and the RSI of Henry Hub Natural Gas is presently 62.8.
Three Months Free, a $100 Value, Just Submit Your Top Stock Pick! (Offer ends 11/10/2013)