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MLPX Crosses Critical Technical Indicator

Fri, Aug 11, 10:54 AM ET, by ETF Channel

In trading on Friday, shares of the MLP and Energy Infrastructure ETF (MLPX) entered into oversold territory, changing hands as low as $13.20 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 MLP and Energy Infrastructure, the RSI reading has hit 29.8 by comparison, the RSI reading for the S&P 500 is currently 45.7.

A bullish investor could look at MLPX's 29.8 reading as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side.

Looking at a chart of one year performance (below), MLPX's low point in its 52 week range is $12.78 per share, with $15.54 as the 52 week high point that compares with a last trade of $13.21. MLP and Energy Infrastructure shares are currently trading off about 0.1% on the day.

MLP and Energy Infrastructure 1 Year Performance Chart


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Read the original article at ETF Channel: MLPX Crosses Critical Technical Indicator


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