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NOG Crosses Critical Technical Indicator

By Energy Stock Channel Staff, Wednesday, October 24, 11:40 AM ET
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In trading on Wednesday, shares of Northern Oil & Gas Inc (AMEX:NOG) entered into oversold territory, changing hands as low as $15.15 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 Northern Oil & Gas Inc , the RSI reading has hit 29.2 by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 45.4, the RSI of WTI Crude Oil is at 30.2, and the RSI of Henry Hub Natural Gas is presently 57.2.

A bullish investor could look at NOG's 29.2 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), NOG's low point in its 52 week range is $14.40 per share, with $28.00 as the 52 week high point that compares with a last trade of $15.10. Northern Oil & Gas Inc shares are currently trading down about 2.1% on the day.

Northern Oil & Gas Inc  1 Year Performance Chart

According to the ETF Finder at ETF Channel, NOG makes up 1.36% of the SPDR S&P Oil & Gas Exploration & Production ETF (AMEX:XOP) which is trading lower by about 0.7% on the day Wednesday.

See what other ETFs contain NOG
See what other stocks are held by XOP

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This Article's Word Cloud:   AMEX   According   Average   Channel   Definition   ETFs   Earnings   Energy   Index   Industrial   Northern   Price   Relative   Small   Stock   Strength   Wednesday   about   analysis   below   comparison   could   currently   hands   heavy   look   missing   momentum   opportunities   other   oversold   point   process   range   reading   recent   scale   share   shares   slideshow   stocks   territory   that   trading   week   what   which   with   year   zero

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