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| EEP Crosses Critical Technical IndicatorBy Energy Stock Channel Staff, Thursday, March 15, 11:44 AM ET
In trading on Thursday, shares of Enbridge Energy Partners, L.P. (NYSE:EEP) entered into oversold territory, changing hands as low as $30.93 per share. We define oversold 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 oversold if the RSI reading falls below 30. In the case of Enbridge Energy Partners, L.P., the RSI reading has hit 29.4 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 49.7, the RSI of WTI Crude Oil is at 53.9, and the RSI of Henry Hub Natural Gas is presently 39.5. A bullish investor could look at EEP's 29.4 reading as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. Looking at a chart of one year performance (below), EEP's low point in its 52 week range is $24.66 per share, with $34.58 as the 52 week high point — that compares with a last trade of $31.15. Enbridge Energy Partners, L.P. shares are currently trading off about 0.5% on the day.
According to the ETF Finder at ETF Channel, EEP makes up 1.23% of the Guggenheim Mid-Cap Core ETF (AMEX:CZA) which is trading relatively unchanged on the day Thursday. See what other ETFs contain EEP » Special Offer: Join the value investing conversation on ValueForum.com with a special Seven Days for Seven Dollars invitation from Forbes
Find the right mix of model portfolios today at PortfolioChannel.com
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