In trading on Thursday, shares of PetroChina Co Ltd (NYSE:PTR) entered into overbought territory, changing hands as high as $140.25 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 PetroChina Co Ltd, the RSI reading has hit 72.6 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 55.2, the RSI of WTI Crude Oil is at -1.0, and the RSI of Henry Hub Natural Gas is presently 41.1.
Investors could look at PTR's 72.6 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), PTR's low point in its 52 week range is $111.29 per share, with $158.83 as the 52 week high point — that compares with a last trade of $138.37. PetroChina Co Ltd shares are currently trading up about 4.8% on the day.
PTR operates in the Oil & Gas Exploration & Production sector, among companies like Helmerich & Payne, Inc. (NYSE:HP) which is off about 1.6% today, and Linn Energy LLC (NASDAQ:LINE) trading lower by about 0.4%. Below is a three month price history chart comparing the stock performance of PTR, versus HP and LINE.
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