TPLM Crosses Critical Technical Indicator

In trading on Tuesday, shares of Triangle Petroleum Corp ( TPLM) entered into oversold territory, changing hands as low as $8.64 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 Triangle Petroleum Corp, the RSI reading has hit 29.3 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 45.5, the RSI of WTI Crude Oil is at 56.3, and the RSI of Henry Hub Natural Gas is presently 65.0.

START SLIDESHOW:
Click here to find out which 9 other oversold energy stocks you need to know about »

A bullish investor could look at TPLM's 29.3 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), TPLM's low point in its 52 week range is $4.85 per share, with $11.66 as the 52 week high point — that compares with a last trade of $8.69. Triangle Petroleum Corp shares are currently trading down about 4% on the day.

Triangle Petroleum Corp 1 Year Performance Chart

If you liked this article you might like

These 5 Stocks Under $10 Are Set to Soar Higher

These 5 Stocks Under $10 Are Set to Soar Higher

Triangle Petroleum (TPLM) Flagged As Strong On High Volume

Today's Weak On High Volume Stock: Triangle Petroleum (TPLM)

Insider Trading Alert - BVX, MSEX And TPLM Traded By Insiders

Insider Trading Alert - KMI, TPLM And REN Traded By Insiders