MCEP Crosses Critical Technical Indicator

In trading on Friday, shares of Mid-Con Energy Partners LP ( MCEP) entered into oversold territory, changing hands as low as $21.60 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 Mid-Con Energy 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 43.0, the RSI of WTI Crude Oil is at 37.0, and the RSI of Henry Hub Natural Gas is presently 48.3.

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

A bullish investor could look at MCEP's 29.9 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), MCEP's low point in its 52 week range is $20.75 per share, with $27.05 as the 52 week high point — that compares with a last trade of $21.65. Mid-Con Energy Partners LP shares are currently trading down about 0.6% on the day.

Mid-Con Energy Partners LP 1 Year Performance Chart

If you liked this article you might like

Insider Trading Alert - APU, OHAI And MCEP Traded By Insiders

Dividend Watch: 3 Stocks Going Ex-Dividend Tomorrow: MCEP, WTFC, BBD

What To Hold: 3 Hold-Rated Dividend Stocks TAXI, AINV, MCEP

Insider Trading Alert - ANCX, NHI And MCEP Traded By Insiders

3 Hold-Rated Dividend Stocks: UAN, MCEP, TCRD