OIH bottom formation

BATS:OIH   VanEck Oil Services ETF
OIH 36.98 last: 41 target, 34.50 stop.
With a reversal in the price of crude oil there is finally an identifiable bottom in the price of oil service stocks. Look for an advance of 10% in the next 6 weeks. 2% declines can be a place to enter positions during the advance.

Note the regression channel trend down has been violated.
Note the support zone from the lowest price range last fall.
Note the Head & Shoulders reversal pattern.

Cheers: Technical Tim, Tues, July 17, 2012 4:58PM EST

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