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| Mitcham Industries Stock Getting OverboughtBy Energy Stock Channel Staff, Wednesday, December 7, 11:24 AM ET
In trading on Wednesday, shares of Mitcham Industries, Inc. (NASDAQ:MIND) entered into overbought territory, changing hands as high as $20.57 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 Mitcham Industries, Inc., the RSI reading has hit 78.0 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 52.8, the RSI of WTI Crude Oil is at 59.3, and the RSI of Henry Hub Natural Gas is presently 46.7. Investors could look at MIND's 78.0 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), MIND's low point in its 52 week range is $9.52 per share, with $20.57 as the 52 week high point — that compares with a last trade of $19.59. Mitcham Industries, Inc. shares are currently trading up about 19.9% on the day.
MIND operates in the Oil & Gas Equipment & Services sector, among companies like Kinder Morgan Management, LLC (NYSE:KMR) which is off about 0.3% today, and Enbridge Energy Partners, L.P. (NYSE:EEP) trading relatively unchanged. Below is a three month price history chart comparing the stock performance of MIND, versus KMR and EEP.
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