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| Enbridge Energy Partners, L.P. (EEP) Shares Enter Overbought TerritoryBy Energy Stock Channel Staff, Thursday, October 27, 4:04 PM ET
In trading on Thursday, shares of Enbridge Energy Partners, L.P. (NYSE:EEP) entered into overbought territory, changing hands as high as $30.35 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 Enbridge Energy Partners, L.P., the RSI reading has hit 71.2 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 61.6, the RSI of WTI Crude Oil is at 62.2, and the RSI of Henry Hub Natural Gas is presently 39.5. A bearish investor could look at EEP's 71.2 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), EEP's low point in its 52 week range is $24.66 per share, with $34.58 as the 52 week high point — that compares with a last trade of $30.30. Enbridge Energy Partners, L.P. shares are currently trading up about 2.1% on the day.
According to the ETF Finder at ETF Channel, EEP makes up 1.23% of the Guggenheim Mid-Cap Core ETF (AMEX:CZA) which is trading up by about 4% on the day Thursday. See what other ETFs contain EEP » EEP operates in the Oil & Gas Equipment & Services sector, among companies like Southern Union Co. (SUG) which is up about 1% today, and Buckeye Partners, L.P. (NYSE:BPL) trading relatively unchanged. Below is a three month price history chart comparing the stock performance of EEP, versus SUG and BPL.
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