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Shares of NKA Now Oversold

By Energy Stock Channel Staff, Thursday, November 10, 3:48 PM ET
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In trading on Thursday, shares of Niska Gas Storage Partners LLC (NYSE:NKA) entered into oversold territory, changing hands as low as $9.75 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 Niska Gas Storage Partners LLC, the RSI reading has hit 29.0 by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 52.9, the RSI of WTI Crude Oil is at 66.7, and the RSI of Henry Hub Natural Gas is presently 45.4.

A bullish investor could look at NKA's 29.0 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), NKA's low point in its 52 week range is $9.75 per share, with $22.21 as the 52 week high point that compares with a last trade of $9.83. Niska Gas Storage Partners LLC shares are currently trading down about 5.5% on the day.

Niska Gas Storage Partners LLC 1 Year Performance Chart

NKA operates in the Oil & Gas Exploration & Production sector, among companies like Energen Corp. (NYSE:EGN) which is up about 1.8% today, and Brigham Exploration Co. (BEXP) trading higher by about 0.1%. Below is a three month price history chart comparing the stock performance of NKA, versus EGN and BEXP.

NKA,EGN,BEXP Relative Performance Chart


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