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In trading on Thursday, shares of HollyFrontier Corp. (NYSE:HFC) entered into overbought territory, changing hands as high as $27.15 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 HollyFrontier Corp., the RSI reading has hit 70.3 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 55.7, the RSI of WTI Crude Oil is at 47.3, and the RSI of Henry Hub Natural Gas is presently 29.7.
Investors could look at HFC's 70.3 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), HFC's low point in its 52 week range is $20.07 per share, with $38.90 as the 52 week high point — that compares with a last trade of $26.85. HollyFrontier Corp. shares are currently trading up about 1.7% on the day.
HFC operates in the Oil & Gas Refining & Marketing sector, among companies like Braskem S A (NYSE:BAK) which is up about 2.7% today, and Valero Energy Corp. (NYSE:VLO) trading up by about 2.5%. Below is a three month price history chart comparing the stock performance of HFC, versus BAK and VLO.
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