Is this the OIH Blowoff Top?
Look at the volume in OIH. We’re already past 2x avg. volume, and it’s only three hours after the opening bell. The OIH - Oil Services Holdr is now trading over 10 points away from it’s 20 day moving average. Volume is higher than the turn in January, when the holdr was trading over 10 points below the 20 day moving average. It doesn’t indicate that the sector can’t go higher, but I wouldn’t be shocked if this becomes a major pivot point.
Still watching DUG for a reversal.
May 22nd, 2007 at 8:25 am
[…] the move, and volume associated with the Oil Services Holdr - OIH yesterday, I dug a little deeper into analysis. While I’m not a big user of point and figure charting, […]
May 29th, 2007 at 7:49 am
[…] Thursday, as the market retraced; an unheard of event lately. DUG was bound to move, as I noted OIH was getting extremely far from it’s 20 dma. The rubber band can only stretch so far before it […]