In Friday’s trading, shares of Hawaiian Electric Industries Inc (symbol: HE) entered oversold territory, dropping to $37.49 per share. Define oversold areas using the Relative Strength Index (RSI). This is a technical analysis indicator used to measure momentum on a scale of 0 to 100. A stock is considered oversold when the RSI reading falls below 30.
For Hawaiian Electric Industries Inc, the RSI reading reached 29.6. By comparison, the current average RSI across energy stocks covered by the Energy Stock Channel is 42.4 and his RSI for WTI crude is 44.1. Henry Hub Natural Gas is currently at 42.9 with a 3-2-1 Crack Spread RSI at 27.6. Bullish investors can take HE’s reading of 29.6 as a sign that the recent heavy sell-off is running out and start looking for entry point opportunities on the buy side.
Looking at the one-year performance chart (below), HE has a 52-week range low of $33.18 per share and a 52-week high of $44.72 per share. Hawaiian Electric Industries shares are currently down about 3.8% on the day.
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