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| North American Energy Partners Inc. Stock Getting Very OverboughtBy Energy Stock Channel Staff, Tuesday, November 8, 11:32 AM ET
In trading on Tuesday, shares of North American Energy Partners Inc. (NYSE:NOA) entered into overbought territory, changing hands as high as $7.67 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 North American Energy Partners Inc., the RSI reading has hit 70.0 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 57.2, the RSI of WTI Crude Oil is at 68.7, and the RSI of Henry Hub Natural Gas is presently 48.4. A bearish investor could look at NOA's 70.0 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), NOA's low point in its 52 week range is $4.70 per share, with $14.23 as the 52 week high point — that compares with a last trade of $7.63. North American Energy Partners Inc. shares are currently trading up about 1.8% on the day.
NOA operates in the Oil & Gas Equipment & Services sector, among companies like Core Laboratories N.V. (NYSE:CLB) which is down about 0.2% today, and Southern Union Co. (SUG) trading lower by about 0.5%. Below is a three month price history chart comparing the stock performance of NOA, versus CLB and SUG.
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