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| Shares of CLB Now OversoldBy Energy Stock Channel Staff, Thursday, September 29, 4:04 PM ET
In trading on Thursday, shares of Core Laboratories N.V. (NYSE:CLB) entered into oversold territory, changing hands as low as $90.23 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 Core Laboratories N.V. , the RSI reading has hit 27.8 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 40.2, the RSI of WTI Crude Oil is at 43.5, and the RSI of Henry Hub Natural Gas is presently 43.0. A bullish investor could look at CLB's 27.8 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), CLB's low point in its 52 week range is $77.00 per share, with $118.50 as the 52 week high point — that compares with a last trade of $91.77. Core Laboratories N.V. shares are currently trading down about 6.2% on the day.
According to the ETF Finder at ETF Channel, CLB makes up 2.88% of the Dynamic Oil & Gas Services Portfolio ETF (AMEX:PXJ) which is trading lower by about 1.6% on the day Thursday. See what other ETFs contain CLB » CLB operates in the Oil & Gas Equipment & Services sector, among companies like Targa Resources Inc (NYSE:TRGP) which is down about 1.8% today, and NuStar GP Holdings LLC (NYSE:NSH) trading relatively unchanged. Below is a three month price history chart comparing the stock performance of CLB, versus TRGP and NSH.
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