In trading on Friday, shares of Noble Energy Inc (Symbol: NBL) entered into oversold territory, changing hands as low as $5.25 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 Noble Energy Inc, the RSI reading has hit 28.7 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 36.9, the RSI of WTI Crude Oil is at 28.0, the RSI of Henry Hub Natural Gas is presently 40.7, and the 3-2-1 Crack Spread RSI is 43.6.

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