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Shares of CMLP Now Overbought

By Energy Stock Channel Staff, Tuesday, October 25, 11:34 AM ET
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In trading on Tuesday, shares of Crestwood Midstream Partners LP (CMLP) entered into overbought territory, changing hands as high as $28.70 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 Crestwood Midstream Partners LP, the RSI reading has hit 70.3 by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 56.7, the RSI of WTI Crude Oil is at 65.4, and the RSI of Henry Hub Natural Gas is presently 48.3.

A bearish investor could look at CMLP's 70.3 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), CMLP's low point in its 52 week range is $21.72 per share, with $33.00 as the 52 week high point that compares with a last trade of $28.51. Crestwood Midstream Partners LP shares are currently trading up about 0.4% on the day.

Crestwood Midstream Partners LP 1 Year Performance Chart

CMLP operates in the Oil & Gas Equipment & Services sector, among companies like Atlas Pipeline Partners LP (APL) which is off about 0.3% today, and DCP Midstream Partners LP (DPM) trading lower by about 1.3%. Below is a three month price history chart comparing the stock performance of CMLP, versus APL and DPM.

CMLP,APL,DPM Relative Performance Chart


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