In trading on Monday, shares of
In the case of Statoil ASA, the RSI reading has hit 29.1 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 44.7, the RSI of WTI Crude Oil is at 20.8, and the RSI of Henry Hub Natural Gas is presently 31.8.
A bullish investor could look at STO's 29.1 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), STO's low point in its 52 week range is $15.76 per share, with $31.95 as the 52 week high point — that compares with a last trade of $16.48. Statoil ASA shares are currently trading off about 5.4% on the day.
According to the ETF Finder at ETFChannel.com, STO makes up 3.67% of the PowerShares International Dividend Achievers Portfolio ETF (AMEX: PID) which is trading lower by about 1.9% on the day Monday.
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