Apr 12

Bullish Rest Period for Oil Services

Lots of volatility the last three sessions in the Oil Service HLDRs (AMEX: OIH) ETF, but let's notice that all of it has occurred above 150.00, which represents the upside breakout point of a 10-month accumulating pattern. From my (technical) perspective, a bullish rest-digestion period is developing above 150, which should resolve itself to the upside in a thrust to 155.00 next.
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Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!