timwest

Oil Services Stocks - OIH - Daily - Cover shorts from last week

AMEX:OIH   VANECK VECTORS OIL SERVICES ETF
177 4 6
8/4/2014
53.95 last, down 2.5 pts.
Exit. Close enough and
fast enough to target.
Chance to re-short up
at 55-55.50
Tim 1:31PM EST
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As ugly as OIH is here, once the daily range is less than the day before it will be a buy signal for me. I want to buy this when it is oversold, but losing downside momentum. Yesterday's range was a wide-range breakdown, so I will wait until the end of today and see about getting back in then if the high-low range is less than yesterday.
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Long from Friday's close. One more dip possible. OIH is lagging the SPY and Nasdaq in a big way here. This could set up a big rally as short sellers are likely still all over this sector. Double upside potential with short covering and fresh buying likely to kick in on a momentum shift back to the upside.
11:13AM Monday, 8/18/2014
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Close to the SUPPORT ZONE 53-51 = BUY HERE over the next 3 days. 50.50 stop loss. Upside to 55-56. (53.12 last, 8/7/2014 6:21PM EST)
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This is a good place to exit the buy from 53 (at 54.61 last) for a 3% return. Looking to go short at 55-56 next.
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