In trading on Wednesday, shares of Noble Midstream Partners LP (NBLX - Get Report) entered into oversold territory, changing hands as low as $42.32 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 Noble Midstream Partners LP, the RSI reading has hit 27.6 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 47.8, the RSI of WTI Crude Oil is at 62.3, the RSI of Henry Hub Natural Gas is presently 48.5, and the 3-2-1 Crack Spread RSI is 54.2. A bullish investor could look at NBLX's 27.6 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), NBLX's low point in its 52 week range is $26.00 per share, with $53.29 as the 52 week high point — that compares with a last trade of $42.39. Noble Midstream Partners LP shares are currently trading down about 1.6% on the day.
More from Stocks
Trump: We'll Open Strategic Petroleum Reserve If Needed, After Saudi Attack
Full crude and gas production is expected to take weeks to restore; oil prices soar.