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
This is close enough to the target to walk away. There was a nice 2% setback during the rally to enter more also for those that missed the initial entry. There is a stock in the group NFX that has lagged this move in OIH so I am doing some work to see about shorting OIH and going long the laggards. Stay tuned! Cheers. Tim 9:46AM EST Monday, July 30, 2012
charttrader
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Agreed.
charttrader
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Good trade
dimes
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Tim thanks for sharing your ideas, this trade is working out well for me....