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| Buckeye Partners, L.P. Stock Getting Very OverboughtBy Energy Stock Channel Staff, Wednesday, October 19, 11:27 AM ET
In trading on Wednesday, shares of Buckeye Partners, L.P. (NYSE:BPL) entered into overbought territory, changing hands as high as $66.80 per share. We define overbought 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 overbought if the RSI reading rises above 70. In the case of Buckeye Partners, L.P., the RSI reading has hit 70.6 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 56.4, the RSI of WTI Crude Oil is at 61.4, and the RSI of Henry Hub Natural Gas is presently 44.8. A bearish investor could look at BPL's 70.6 reading as a sign that the recent heavy buying is in the process of exhausting itself, and shares are due for a pullback. Looking at a chart of one year performance (below), BPL's low point in its 52 week range is $54.51 per share, with $71.67 as the 52 week high point — that compares with a last trade of $66.78. Buckeye Partners, L.P. shares are currently trading up about 1.1% on the day.
BPL operates in the Oil & Gas Equipment & Services sector, among companies like RPC, Inc. (NYSE:RES) which is down about 2.4% today, and Spectra Energy Partners LP (NYSE:SEP) trading higher by about 0.4%. Below is a three month price history chart comparing the stock performance of BPL, versus RES and SEP.
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