In trading on Tuesday, shares of CADIZ Inc (CDZI - Get Report) entered into oversold territory, changing hands as low as $13.60 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 CADIZ Inc, the RSI reading has hit 29.4 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 39.6, the RSI of WTI Crude Oil is at 35.5, the RSI of Henry Hub Natural Gas is presently 39.0, and the 3-2-1 Crack Spread RSI is 27.6. A bullish investor could look at CDZI's 29.4 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), CDZI's low point in its 52 week range is $9.65 per share, with $16.25 as the 52 week high point — that compares with a last trade of $13.60. CADIZ Inc shares are currently trading down about 2.2% on the day.
More from Stocks
Apple Arcade Feels a Bit Like Streaming Services in Their Early Days
Apple's game-subscription service doesn't have many big-budget titles for now. But it's priced aggressively, has some quality titles and comes without ads or in-game purchases.
Here's Why Apple's TV+ Could Be a Winner -- It's Playing the Long Game
Apple's aggressive $4.99 price point and one-year free trial mean that TV+ is virtually guaranteed to be in the streaming rotation for many cord-cutters in the short-term, and buys it time to iterate in the long term.