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Oil Service ETF (OIH) breakout

by | Sep 30, 2010 | Kimble Charting

Oil Service ETF (OIH) is breaking a key resistance line the in the chart below.

Would want to be an owner and use the old resistance line (1) as the sell stop on long positions.

10 Comments

  2. CaptainTA
    CaptainTA on 09/30/2010 at 12:12 PM

    Yea, that’s close. Not enuff volume on yesterdays bar for me to be a buyer and prob why it failed today. I like the price action, but wanna see it come back to 110 and see what it does there.

    Momentum Trader had RIG on his watch list for a while:

    http://www.momentum-trader.com/index.php/momentum-trader-report-092910/

  3. Chris Kimble
    Chris Kimble on 09/30/2010 at 11:47 AM

    Captain,
    Nothing wrong with the line you drew, connecting the highs. Has not broken that line!

    My line, not that will be correct, is based upon a larger trend channel.

  5. william
    william on 09/30/2010 at 10:54 AM

    I can see my NE acquired two days ago was promptly sent to the 7th level of stock holder hell by an analyst. Two rigs idle cause of an earnings downgrade…? Is that really news considering a moratorium? Anyways, best to all OIH longs, the end of the federal government ban looks to be getting priced in right now.

  6. mike barker
    mike barker on 09/30/2010 at 10:42 AM

    Hope you didn’t…..

  7. Andy
    Andy on 09/30/2010 at 9:14 AM

    Andrew consider buying DO or RIG etc… look at OIH’s holdings.

  8. cK
    cK on 09/30/2010 at 9:09 AM

    Andrew – I picked up 50 shares this morning.

  9. ERX... might consider...
    ERX... might consider... on 09/30/2010 at 8:57 AM

    From Direxion…

  10. Andrew
    Andrew on 09/30/2010 at 8:54 AM

    IS there an alternate to OIH? My broker says I can only purchase multiples of 100 of this because it is considered a trust?

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