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Oil Should Resolve to the Upside


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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