Bullish on OIH

AMEX:OIH   VanEck Oil Services ETF
I am bullish for the rest of the summer on OIH.

Energy prices and demand always rise in the summer.

The technicals all look bullish, we've been riding a steady uptrend for about a year now and we are the point of breaking out of the lower value area and moving back up to over 400.

Currently price sits at the 618 coefficient on the most recent swing hi-lo using fib retracement.

Know Sure thing appears to indicate a movement to the upside. I see continued strength here unless some kind of sudden influx of oil floods the markets and demand destruction occurs, but I think oil is priced just right to continue higher at the moment without fear of that.

FUD is spreading more and more around the world every day, with BRICS, and the idea of world war 3 in the air will lead to increased energy prices. After all, energy is everything.

Without energy nothing else can be.
Also, I meant to note that when we touched the 38 fibonacci level, price rebounded with gusto and even more so when bears attempted to retest the 50 level. Showing more aggressive buyers at higher prices eager to get long and push it even higher. Short selling reports from FINRA show a high, but lower than average amount of short volume. I think the big traders know this one is about to head north of 400.

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.