Imperial Oil Shares Enter Oversold Territory Amid Recent Declines
During trading on Monday, shares of Imperial Oil Ltd (Symbol: IMO) fell to an oversold position, trading as low as $60.51 per share. The term “oversold” is defined using the Relative Strength Index (RSI), a technical analysis tool that gauges momentum on a scale from zero to 100. An asset is deemed oversold when its RSI drops below 30.
Imperial Oil Ltd’s current RSI stands at 29.2. In contrast, the average RSI for energy stocks tracked by Energy Stock Channel is 32.4. For comparison, WTI Crude Oil has an RSI of 25.1, Henry Hub Natural Gas is at 43.3, and the 3-2-1 Crack Spread RSI is recorded at 53.6.
This RSI reading of 29.2 may signal to bullish investors that the recent wave of selling is approaching its limit, providing potential entry points for buying the stock.
In examining the one-year performance of Imperial Oil, the 52-week low is noted at $60.51 per share, while the 52-week high reached $80.17. The last trade price was recorded at $62.12, indicating that the stock is currently down approximately 1.9% for the day.
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Also see:
- DPRO YTD Return
- Institutional Holders of QNCX
- Institutional Holders of IBTM
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
