timwest
Short

OIL SERVICE INDEX - OIH - DAILY - DOUBLE TOP, TARGET DOWN 6%

AMEX:OIH   VANECK VECTORS OIL SERVICES ETF
183 1 5
The oil index             has had a solid rally this year from the lows in February around the 45 level and has rallied 30% to the 58 level where there now is a double-top pattern. The trendline is a bit steep, but it is broken and I'm looking at two trendlines that move up at between 50% speed and 38.2% speed from the low and provide support down around the 53 level, a mere 6% drop seems imminent for the OIH             over the ensuing 3 months.

Earlier this year, in the spring, I was looking for relative outperformance of the OIH             to the S&P500             , so now that it has outperformed and provided a decent return over the past 3-4 months, it would seem logical to reduce holdings or at least sell calls (at the money) against long term positions.

Note the other charts I have published on OIH             .

Regards,

Tim 12:09PM EST 7/28/2014 56.34 -0.51 last
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OIH SERVICE ETF - OIH - DAILY : Just for clarification. Also, I added a link to another chart that I had published back in April and it did not show here.
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