Bullish Rest Period for Oil Services (OIH) |
By Mike Paulenoff |
Published
04/12/2007
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Futures , Stocks
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Unrated
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Bullish Rest Period for Oil Services (OIH)
Lots of volatility the last three sessions in the Oil Service HLDRs (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.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.
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