OIH Ascending Triple Top Breakout 052207

After 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, I will check stockcharts to see if any patterns are present on individual equities. The Ascending Triple Top Breakout happens to be one of those highly reliable patterns I look for. OIH completed this setup just a few days ago. Without going into great detail (here’s the book for that), this pattern can provide powerful moves.

Because of the pattern, I believe OIH will be moving much higher. It could end up being a bigger blowoff top than I expected. The moving averages will have to catch up here. OIH needs some consolidation, or a little pullback. I’ll still play that, but the big picture seems stronger now.