Eversource Energy Stock Getting Very Oversold

In trading on Wednesday, shares of Eversource Energy (Symbol: ES) entered into oversold territory, changing hands as low as $59.88 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 Eversource Energy, the RSI reading has hit 29.7 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 53.3, the RSI of WTI Crude Oil is at 54.8, the RSI of Henry Hub Natural Gas is presently 54.9, and the 3-2-1 Crack Spread RSI is 82.4. A bullish investor could look at ES's 29.