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.

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.