In trading on Wednesday, shares of Basic Energy Services Inc (BAS - Get Report) entered into oversold territory, changing hands as low as $16.64 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 Basic Energy Services Inc, the RSI reading has hit 29.0 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 41.9, the RSI of WTI Crude Oil is at 49.0, the RSI of Henry Hub Natural Gas is presently 43.6, and the 3-2-1 Crack Spread RSI is 42.5. A bullish investor could look at BAS's 29.0 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), BAS's low point in its 52 week range is $14.03 per share, with $40.31 as the 52 week high point — that compares with a last trade of $16.70. Basic Energy Services Inc shares are currently trading off about 2.5% on the day. According to the ETF Finder at ETF Channel, BAS makes up 1.27% of the SPDR S&P Oil & Gas Equipment & Services ETF ( XES) which is trading lower by about 2.5% on the day Wednesday.
More from Stocks
Boeing Loses Altitude as FAA Finds More Risks Related to 737 MAX
The Federal Aviation Administration has declined to set a timeline on when it will lift its order prohibiting the troubled aircraft from flying.
Dell Technologies and VMWare Risk Falling Further - Charts
Let's look at the charts of both of these companies.
The First Thing Investors Should Do If We Do or Don't Get a Trade Deal at G20
So, what should investors do after President Trump and President Xi meet at the G20 summit in Japan this weekend? Here's what this NYSE trader thinks.
Ford to Slash 12,000 European Jobs as Global Turnaround Hits High Gear
Ford shares edged higher in pre-market trading Thursday after unveiling plans to slash more than 12,000 jobs across its European operations by the end of next year as it ongoing restructuring plan aimed at returning the automaker to profit.