timwest
Long

OIH bottom formation

BATS:OIH   VANECK VECTORS ETF TRUST
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10
OIH 36.98 last: 41 target, 34.50 stop.
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With a reversal in the price of crude oil there is finally an identifiable bottom in the price of oil service stocks. Look for an advance of 10% in the next 6 weeks. 2% declines can be a place to enter positions during the advance.

Note the regression channel trend down has been violated.
Note the support zone from the lowest price range last fall.
Note the Head & Shoulders reversal pattern.

Cheers: Technical Tim, Tues, July 17, 2012 4:58PM EST
Subscribe to my indicator package KEY HIDDEN LEVELS $20/mo or a discount for a year and join in the trading room KEY HIDDEN LEVELS here at TradingView.com

Comments

Agreed.
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Followed.
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Followed.
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Agreed.
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This is close enough to the target to walk away. There was a nice 2% setback during the rally to enter more also for those that missed the initial entry. There is a stock in the group NFX that has lagged this move in OIH so I am doing some work to see about shorting OIH and going long the laggards. Stay tuned! Cheers. Tim 9:46AM EST Monday, July 30, 2012
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Agreed.
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Good trade
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Tim thanks for sharing your ideas, this trade is working out well for me....
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timwest dimes
I'm very glad. Thanks for sharing your success.
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Agreed.
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