In trading on Monday, shares of Fortis Inc (Symbol: FTS) entered into oversold territory, changing hands as low as $36.47 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 Fortis Inc, the RSI reading has hit 26.7 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 41.4, the RSI of WTI Crude Oil is at 55.1, the RSI of Henry Hub Natural Gas is presently 60.1, and the 3-2-1 Crack Spread RSI is 31.2. A bullish investor could look at FTS's 26.
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