timwest
Long

Oil Services ETF - OIH - Daily - Lightning Bolt Pattern

AMEX:OIH   VANECK VECTORS OIL SERVICES ETF
587 10 21
Lightning Bolt Pattern -
1. Starts off with a BLAST of volume and price movement
2. Continues on less volume and moves less than the first move.
3. Another decline on even less volume .

3 Waves of selling
Each wave has less volume
Each time the price breaks down
and makes the chart look bad.
This means we could be VERY CLOSE TO A BOTTOM

I guess I am beating on a dead horse here with oil             bottoming, so disregard if you are tired of my "buy" signals.

You can wait for 5 days without a new low to buy and you can also wait until the price climbs over a previous day's high. Your risk will be defined by one range and you might have excellent upside potential. Somehow it makes me wonder how much pain that OPEC can handle now that they are depleting their savings in order to keep up their market share. At least inflation won't be a problem for a long time, which oddly enough inflation is more driven by the internet and capacity buildup than the price of oil             . But for now, just be glad you don't own bonds that were used to finance high cost oil             wells. There seems to be close to zero likelihood those will turn out very well.

32.72 last +0.14 = Risk 2% to make 10% ALSO - keep in mind the other entry techniques above - waiting for 5 days' without a new low and waiting for the price to move over a previous day's high.

Tim

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Great chart! Thanks for sharing, very generous of you Tim.
+1 Reply
B120626
2 years ago
bcuz typically volume increases as price falls due to panic selling? therefore if less volume on price falling, not many holders are panicking anymore bcuz they don't believe it will continue to fall, they believe it is ready for reversal? oh yeah, those Dubai loan refinance, an island made of sand, what folly! thanks
+4 Reply
Madrid PRO
2 years ago
I think a bottom in oil is close, since there are positive divergences in oil related industries like CLR, CHK, XOM. and USO is touching the lower channel support line. So at least a short covering will take place and possibly a consolidation.
+2 Reply
Serhii_Ovsiienko
2 years ago
Very cool. thanks you
+1 Reply
BizkitBR PRO
2 years ago
never tired of your advice .. thanks so much!!!
+1 Reply
thebunny1 PRO
2 years ago
Don't mind you beating the dead horse Tim. Thanks very much.
+1 Reply
timwest PRO
2 years ago
Here's my update = 3 buy signals so far for OIH = Accumulating a big position.
snapshot
+1 Reply
timwest PRO timwest
2 years ago
Here it is a little more clearly
snapshot
+1 Reply
I agree with your analysis. I have noticed diminishing percentage returns as it has moved lower which results in a bottoming effects or a continuation; whichever it resolves to. I remain optimistic that it is a bottom and look to enter when my signals are confirmed.
Reply
This one worked beautifully.
Reply
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