Energy-related ETFs Hit Historical Extremes
By most metrics, the energy related ETFs have hit oversold extremes with big declines over the last 31 days. The Oil & Gas Equip & Services SPDR (XES) is down around 25%, the Oil & Gas E&P SPDR (XOP) is down almost 30% and the FirstTrust Natural Gas ETF (FCG) is down around 34%. Note that 14-day RSI for FCG and XES is below 10, while 14-day RSI for XOP is below 15. These RSI readings are the lowest since the ETFs began trading, which was in 2006 and 2007.
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