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| Sunoco, Inc. (SUN) Shares Enter Overbought TerritoryBy Energy Stock Channel Staff, Tuesday, December 27, 3:50 PM ET
In trading on Tuesday, shares of Sunoco, Inc. (SUN) entered into overbought territory, changing hands as high as $41.14 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 Sunoco, Inc., the RSI reading has hit 70.9 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 54.7, the RSI of WTI Crude Oil is at 59.2, and the RSI of Henry Hub Natural Gas is presently 35.4. Investors could look at SUN's 70.9 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), SUN's low point in its 52 week range is $27.36 per share, with $46.98 as the 52 week high point — that compares with a last trade of $41.08. Sunoco, Inc. shares are currently trading up about 0.9% on the day.
SUN operates in the Oil & Gas Refining & Marketing sector, among companies like HollyFrontier Corp. (NYSE:HFC) which is up about 1.6% today, and Braskem S A (NYSE:BAK) trading lower by about 0.1%. Below is a three month price history chart comparing the stock performance of SUN, versus HFC and BAK.
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