In trading on Wednesday, shares of Pioneer Southwest Energy Partners L.P. (NYSE:PSE) entered into overbought territory, changing hands as high as $30.773 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 Pioneer Southwest Energy Partners L.P., 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 53.1, the RSI of WTI Crude Oil is at 66.9, and the RSI of Henry Hub Natural Gas is presently 51.1.
Investors could look at PSE's 70.0 reading as a sign that the recent heavy buying is peaking which could mean shares are due for a pullback.
Looking at a chart of one year performance (below), PSE's low point in its 52 week range is $21.34 per share, with $35.87 as the 52 week high point — that compares with a last trade of $30.86. Pioneer Southwest Energy Partners L.P. shares are currently trading up about 4.6% on the day.
PSE operates in the Oil & Gas Exploration & Production sector, among companies like Bill Barrett Corp (NYSE:BBG) which is up about 4.6% today, and Chesapeake Midstream Partners LP (CHKM) trading lower by about 0.2%. Below is a three month price history chart comparing the stock performance of PSE, versus BBG and CHKM.
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