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| ATPG Stock Crowded With SellersBy Energy Stock Channel Staff, Monday, October 3, 4:12 PM ET
In trading on Monday, shares of ATP Oil & Gas Corp (ATPG) entered into oversold territory, changing hands as low as $6.68 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 ATP Oil & Gas Corp, the RSI reading has hit 28.4 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 35.8, the RSI of WTI Crude Oil is at 38.7, and the RSI of Henry Hub Natural Gas is presently 35.2. A bullish investor could look at ATPG's 28.4 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), ATPG's low point in its 52 week range is $6.26 per share, with $21.40 as the 52 week high point — that compares with a last trade of $6.78. ATP Oil & Gas Corp shares are currently trading off about 11.1% on the day.
According to the ETF Finder at ETF Channel, ATPG makes up 1.15% of the SPDR S&P Oil & Gas Exploration & Production ETF (AMEX:XOP) which is trading relatively unchanged on the day Monday. See what other ETFs contain ATPG » ATPG operates in the Oil & Gas Exploration & Production sector, among companies like Berry Petroleum Co (NYSE:BRY) which is off about 6.8% today, and Oasis Petroleum Inc. (NYSE:OAS) trading relatively unchanged. Below is a three month price history chart comparing the stock performance of ATPG, versus BRY and OAS.
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