Oil Service Holders (AMEX: OIH) Still Has Room To Run Says Market Timer Frank Kollar
July 26, 2007 (FinancialWire) (By Frank Kollar)
The exchange-traded fund Oil Service Holders (AMEX: OIH) had another solid gain in trading on Wednesday as oil prices continue to rise. Just how far can this ETF rise?
OIH has indeed come a long way since correcting back in the latter half of 2006. The current advance has tacked on some 44% since early January 2007. Just how much more should traders expect?
Wednesday’s close at $187.01 was above the Fib 127.2% resistance level watched by many traders. A close above Fib resistance forecasts a run to the next level, that in this case is up at $200.46. If OIH reaches $200 in coming weeks, expect traders to take profits and possibly stop this advance, at least for a while.
Fibtimer.com (http://www.fibtimer.com) holds a position in OIH in its ETF Timer Portfolio.
Kollar’s research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.
Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.
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