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Shares of WFT Now Oversold

By Energy Stock Channel Staff, Wednesday, September 28, 3:52 PM ET
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In trading on Wednesday, shares of Weatherford International, Ltd. (NYSE:WFT) entered into oversold territory, changing hands as low as $12.81 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 Weatherford International, Ltd., the RSI reading has hit 29.1 by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 43.1, the RSI of WTI Crude Oil is at 40.3, and the RSI of Henry Hub Natural Gas is presently 40.8.

A bullish investor could look at WFT's 29.1 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), WFT's low point in its 52 week range is $12.62 per share, with $28.11 as the 52 week high point that compares with a last trade of $12.85. Weatherford International, Ltd. shares are currently trading down about 4.7% on the day.

Weatherford International, Ltd. 1 Year Performance Chart

According to the ETF Finder at ETF Channel, WFT makes up 4.97% of the Dynamic Oil & Gas Services Portfolio ETF (AMEX:PXJ) which is trading lower by about 4.2% on the day Wednesday.

See what other ETFs contain WFT
See what other stocks are held by PXJ

WFT operates in the Oil & Gas Equipment & Services sector, among companies like Cameron International Corp (NYSE:CAM) which is off about 3.8% today, and Williams Partners L.P. (NYSE:WPZ) trading lower by about 0.9%. Below is a three month price history chart comparing the stock performance of WFT, versus CAM and WPZ.

WFT,CAM,WPZ Relative Performance Chart


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