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| Pennantpark Investment Corporation Stock Getting Very OverboughtBy Dividend Channel Staff, Thursday, October 27, 4:13 PM ET
In trading on Thursday, shares of Pennantpark Investment Corporation (NASDAQ:PNNT) entered into overbought territory, changing hands as high as $11.02 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 Pennantpark Investment Corporation, the RSI reading has hit 70.1 — by comparison, the universe of dividend stocks covered by Dividend Channel currently has an average RSI of 61.2. A bearish investor could look at PNNT's 70.1 reading as a sign that the recent heavy buying is in the process of exhausting itself, and shares are due for a pullback. The chart below shows the one year performance of PNNT shares:
Looking at the chart above, PNNT's low point in its 52 week range is $8.01 per share, with $13.19 as the 52 week high point — that compares with a last trade of $11.01. Among the fundamental datapoints dividend investors should investigate to decide if they are bullish on PNNT is its dividend history. In general, dividends are not always predictable; but, looking at the history chart below can help in judging whether the most recent dividend is likely to continue.
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