Shares of GLP Now Oversold

In trading on Friday, shares of Global Partners LP (Symbol: GLP) entered into oversold territory, changing hands as low as $39.70 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 Global Partners LP, the RSI reading has hit 25.9 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 50.1, the RSI of WTI Crude Oil is at 40.2, the RSI of Henry Hub Natural Gas is presently 73.7, and the 3-2-1 Crack Spread RSI is 43.6. A bullish investor could look at GLP's 25.