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Upside Reversal in Oil Services


Wednesday April 11th, 2007
Upside Reversal in Oil Services
by Mike Paulenoff www.MPTrader.com
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.
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