Is OIH getting ready for a next leg breakout? It has been contracting for the past month. The RSI is showing a early sign of a breakout. The immediate resistance will be the 307 resistance. A full measured move will take it to 336 level.
Since this is oil services ETF, which ticker is OIH most closely correlated with? I would assume CL for Crude Oil futures. But is it maybe something else? I am wondering how much higher oil can go at this point, I know that summer driving season is coming up in the USA.