After suffering a long draw down, spot oil has recovered well but this services ETF is lagging.
Going back to the beginning of the year, OIH has been in a range between $16 and $18. Fueled by spot oil pushing $60 along with a positive sentiment in the overall markets (S&P 500 broke out yesterday over 2815) there's no reason this shouldn't run to $20 soon.
After setting a solid double bottom, the stock has been trading sideways within the channel shown by the red lines.
A move above that yellow line on some decent volume and I think this makes a quick run to $13.00.
Bought some April $12.00 Calls to try and capitalize :)
When we started the crypto adventure one of the things that exited us the most was the smaller coins. It's all relative right? The stock market has the three major indexes (DOW, S&P, NAZ) AND the penny stocks.
Crypto has the three bigs (BTC, ETH, LTE) AND the ICO's. lol Like anyone else that first experiences the world of coins, we were like kids in a candy shop....
We're in Honolulu so it's about mid-morning.
On our last post (PT II) we mentioned we like BTC at this level for a trade but there were some risks we needed to be aware of.
One was our red line @ $9600. Well, guess what? Over night we broke below that trendline. Normally we would view that as a signal to tap the trade out and look to reset.
Call us crazy but...
Looks as long as it holds 9600 it's solid - it's also starting to look like $9600 - $9700 was a set entry spot :)
Currently at $9800. The momentum (Blue Arrows) tells the story though. Looks like the tide receding before the tsunami...
Were kinda just getting our toys wet with crypto's so are by no measurements experts... hehehe
This is our first post, bitcoin or stocks, so let's keep it "weekend" simple..
Two tops and a solid bottom makes the bitcoin chart a happy bull. We like it between $9600 - $9800.