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| Mitcham Industries, Inc. Stock Getting Very OversoldBy Energy Stock Channel Staff, Monday, October 3, 4:18 PM ET
In trading on Monday, shares of Mitcham Industries, Inc. (NASDAQ:MIND) entered into oversold territory, changing hands as low as $10.07 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 Mitcham Industries, Inc., the RSI reading has hit 28.9 — 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 MIND's 28.9 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), MIND's low point in its 52 week range is $7.36 per share, with $20.00 as the 52 week high point — that compares with a last trade of $10.16. Mitcham Industries, Inc. shares are currently trading off about 9.3% on the day.
MIND operates in the Oil & Gas Equipment & Services sector, among companies like Nordic American Tankers Ltd (NYSE:NAT) which is off about 12.7% today, and Hornbeck Offshore Services Inc (NYSE:HOS) trading lower by about 6.3%. Below is a three month price history chart comparing the stock performance of MIND, versus NAT and HOS.
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