In trading on Tuesday, shares of Energy Transfer LP (Symbol: ET) entered into oversold territory, changing hands as low as $19.77 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 Energy Transfer LP, the RSI reading has hit 27.6 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 37.9, the RSI of WTI Crude Oil is at 45.1, the RSI of Henry Hub Natural Gas is presently 56.1, and the 3-2-1 Crack Spread RSI is 21.4. A bullish investor could look at ET's 27.
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