In trading on Friday, shares of
In the case of Statoil ASA, the RSI reading has hit 28.4 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 37.6, the RSI of WTI Crude Oil is at 37.8, and the RSI of Henry Hub Natural Gas is presently 51.9.
A bullish investor could look at STO's 28.4 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), STO's low point in its 52 week range is $22.12 per share, with $31.95 as the 52 week high point — that compares with a last trade of $25.59. Statoil ASA shares are currently trading down about 2.8% on the day.
According to the ETF Finder at ETFChannel.com, STO makes up 3.77% of the FTSE Nordic Region ETF (AMEX: GXF) which is trading lower by about 0.7% on the day Friday.
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