Oil Services ETF - OIH - Daily - Lightning Bolt Pattern
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
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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