Oil Services ETF - OIH - Daily - Lightning Bolt Pattern

591 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.


Subscribe to my indicator package KEY HIDDEN LEVELS $20/mo or a discount for a year and join in the trading room KEY HIDDEN LEVELS here at TradingView.com
This one worked beautifully.
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.
Here's my update = 3 buy signals so far for OIH = Accumulating a big position.
+1 Reply
timwest timwest
Here it is a little more clearly
+1 Reply
Don't mind you beating the dead horse Tim. Thanks very much.
+1 Reply
never tired of your advice .. thanks so much!!!
+1 Reply
Very cool. thanks you
+1 Reply
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
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
Great chart! Thanks for sharing, very generous of you Tim.
+1 Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out