Well now that I have my trading software working again (itll probly break tomorrow when the market opens), I see OIH is lookin not too bad. On the 60m its ascending a sweet line right along its upper bollinger, and its right in the resistance that it bounced off of last time it got up here around oct. 26. It could either form a double top around 138 as it loses steam in resistance again or it could push towards the 200 day SMA just above 140.
Interesting that theres W bottoms on the daily and the 60m chart, and an open V bottom on the weekly chart. The weekly is poretty interesting in that the 5 has crossed the 10 day MA and they are both headed towards the 20 day ma, and macd is firming up. The 5/10/20/50 day MA crosses are lookin good on the daily chart too.
Intersting - and something I didnt notice before is that we just came off 4 straight up weeks on the OIH in October.
Tomorrow should tell the story on the OIH. Just a point or 2 up and we are through most of the resistance, with 140 the target, and the holy land at the 200 at 141.60.
NBR is a weak bastage... It came across the bollingers and started to come down as usual, then had todays weak lil impulse and started towards the upper bollinger again sort of and sort of started meandering across again. I swear this stock would be a perfect butterfly or condor play - it just seems like it goes nowhere, and very slowly. BUT... it is up on top of its 50-day MA, and the weekly shows a turn for the better... All is not lost, and all in all, things are lookin pretty good in the oil patch.
Tomorrow will be key. A big up or big down day will tell the tale -- a flat day will extend the suspense til inventory day on wednesday. It would just be fitting if OIH blasted through 140 on a bullish inventory number on Wednesday.