Upside Reversal in Oil Services

A big drawdown in gasoline inventories (compared to expectations) has triggered a powerful intraday upside reversal in the Oil Services HOLDRs (OIH) ETF from 151.40 to 152.50, which does NOT surprise me because yesterday's upside breakout from a multi-month base pattern argues for higher prices (regardless of the reasons!). Next target zone is in the vicinity of 155.

Take Advantage Of Our Free
7-Day Trial, $71st Month Offer!
  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!