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| Shares of XEC Now OversoldBy Energy Stock Channel Staff, Monday, October 3, 4:08 PM ET
In trading on Monday, shares of Cimarex Energy Co (NYSE:XEC) entered into oversold territory, changing hands as low as $52.80 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 Cimarex Energy Co, the RSI reading has hit 29.8 — 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 XEC's 29.8 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), XEC's low point in its 52 week range is $52.80 per share, with $117.95 as the 52 week high point — that compares with a last trade of $53.44. Cimarex Energy Co shares are currently trading down about 4.2% on the day.
According to the ETF Finder at ETF Channel, XEC makes up 3.19% of the First Trust ISE-Revere Natural Gas Index Fund ETF (AMEX:FCG) which is trading lower by about 5% on the day Monday. See what other ETFs contain XEC » XEC operates in the Oil & Gas Exploration & Production sector, among companies like Cabot Oil & Gas Corp. (NYSE:COG) which is down about 5% today, and Penn West Petroleum Ltd (NYSE:PWE) trading lower by about 7.2%. Below is a three month price history chart comparing the stock performance of XEC, versus COG and PWE.
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