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In trading on Wednesday, shares of Marathon Petroleum Corp. (Symbol: MPC) entered into oversold territory, changing hands as low as $161.63 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 Marathon Petroleum Corp., the RSI reading has hit 29.9 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 48.0, the RSI of WTI Crude Oil is at 56.2, the RSI of Henry Hub Natural Gas is presently 35.4, and the 3-2-1 Crack Spread RSI is 44.7. A bullish investor could look at MPC's 29.9 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), MPC's low point in its 52 week range is $117.275 per share, with $221.11 as the 52 week high point — that compares with a last trade of $162.78. Marathon Petroleum Corp. shares are currently trading off about 0.1% on the day.

The MPC RSI information above was sourced from TechnicalAnalysisChannel.com

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Also see:

Cheap Materials Stocks
IPCC YTD Return
BITF market cap history

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.