In trading on Friday, shares of C&J Energy Services Ltd (CJES) entered into oversold territory, changing hands as low as $13.40 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 C&J Energy Services Ltd, the RSI reading has hit 29.99 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 44.0, the RSI of WTI Crude Oil is at 47.3, and the RSI of Henry Hub Natural Gas is presently 49.2. A bullish investor could look at CJES's 29.99 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), CJES's low point in its 52 week range is $9.11 per share, with $34.93 as the 52 week high point — that compares with a last trade of $13.42. C&J Energy Services Ltd shares are currently trading off about 3.4% on the day. According to the ETF Finder at ETF Channel, CJES makes up 2.51% of the SPDR S&P Oil & Gas Equipment & Services ETF ( XES) which is trading lower by about 1.4% on the day Friday.