Oil Service HOLDRs (AMEX: OIH) Reverses To Upside Says Market Timer Frank Kollar
October 24, 2007 (FinancialWire) (By Frank Kollar)
Shares of the ETF Oil Service HOLDRs (AMEX: OIH) reversed on Monday and headed higher. On Tuesday, shares rallied for a 3+ % gain.
Oil Service HOLDRs declined right to the 50% retracement of it entire August to early October rally. The 50% retracement is a common support level for stock and ETFs and after Tuesday’s strong rally; it looks like shares of Oil Service HOLDRs are headed even higher.
Oil Service HOLDRs will likely reach resistance at $196.12 in coming days. A decisive close above this level would result in a run for the mid-October highs at $200 a share.
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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