Oil Should Resolve to the Upside - Mid-Day Minute for Tue April 3rd 2007

Apr 03

Oil Should Resolve to the Upside

by Mike Paulenoff, Tue April 3rd, 2007

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Today's decline of about 1% in the Oil Services HLDRs (AMEX: OIH) represents a minor pullback after yesterday's key upside reversal (and 2% higher close). Let's notice that the last several sessions have carved out a high-level congestion area between 1145 and 148 (roughly), which should resolve to the upside in a thrust that challenges a 9-month resistance plateau across the 150.50-151 area. If that resistance plateau is hurdled and sustained, the OIH will trigger much higher targets at 158 and then 163. Only a decline that violates yesterday's pivot low at 145.13 will compromise my current outlook.

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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!

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