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| Shares of BWP Now OverboughtBy Energy Stock Channel Staff, Wednesday, January 4, 11:28 AM ET
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.
According to the ETF Finder at ETF Channel, BWP makes up 1.01% of the Guggenheim Defensive Equity ETF (AMEX:DEF) which is trading higher by about 0.1% on the day Wednesday. See what other ETFs contain BWP » 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.
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