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Oil Service HOLDRs (NYSE: OIH) Nears Key Resistance

February 7, 2012

Shares of the ETF Oil Service HOLDRs Trust (NYSE: OIH) are approaching a key resistance level.

Since the early October 2011 lows that briefly took OIH below $100 a share, prices rallied in a single wave closing at $134.76 on October 28, 2011. After a well-defined three wave correction ending on December 19 at $108, OIH has been in a steady advance.

Ahead is the October 28 closing high at $134.76 which is resistance. If OIH can make a solid close above this level, we could be in a new wave three of a bullish five wave pattern, with the October 28 high being wave one and the December 19 low being wave two.

This would forecast a run to the prior highs over $160 a share. The $134.76 level is looking to be extremely important.

The http://www.fibtimer.com ETF Strategy has a position in Oil Service HOLDRs.

 

Posted on February 06, 2012 in Stock, ETF and Market Analysis |

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