In trading on Wednesday, shares of Boardwalk Pipeline Partners LP (NYSE:BWP) entered into overbought territory, changing hands as high as $29.15 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 Boardwalk Pipeline Partners LP, the RSI reading has hit 70.6 — 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 39.7.
Investors could look at BWP's 70.6 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), BWP's low point in its 52 week range is $23.54 per share, with $33.50 as the 52 week high point — that compares with a last trade of $29.10. Boardwalk Pipeline Partners LP shares are currently trading up about 1.2% on the day.
BWP operates in the Oil & Gas Equipment & Services sector, among companies like Magellan Midstream Partners LP (NYSE:MMP) which is up about 0.2% today, and Energy Transfer Equity L P (NYSE:ETE) trading lower by about 0.1%. Below is a three month price history chart comparing the stock performance of BWP, versus MMP and ETE.
This Article's Word Cloud:AMEXBelowBoardwalkChannelDaysETFsEnergyEquityInvestorsNYSEPartnersPipelineSevenWednesdayaboutamonganalysischartcompaniescomparisoncouldcurrentlyhandshighhistorymomentumoperatesotheroverboughtperformancepointpricepullbackrangereadingrecentscalesharesharesspecialstockstocksterritorythattradingweekwhatwhichwithzero
Nothing in Energy Stock Channel is intended to be investment advice, nor does it represent the opinion of, counsel
from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners.
None of the information contained herein constitutes a recommendation that any particular security, portfolio,
transaction, or investment strategy is suitable for any specific person. All viewers agree that under no
circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held
liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you
agree to the following Full Disclaimer & Terms of Service. Video widget and energy stock videos powered by Market News Video. Quote data delayed at least 20
minutes; data powered by Ticker Technologies, and Mergent. Contact Energy Stock Channel; Meet Our Editorial Staff.