OIH Retest 061107

Last week, I raised a caution flag for oil service stocks, and the OIH. Today, many in the sector are showing strength. Finally, after a decent drop we’ve got some buy signals. Stay cautious if you’re long them off that trade. The OIH is retesting the trendline it broke. I’ll be turning longs into shorts here, if they fail to bust through.

Quite a bounce on the 60 minute chart. 7-up.