Oil Service HOLDRs (AMEX: OIH) Breaks Down Says Market Timer Frank Kollar
January 16, 2008 (FinancialWire) (By Frank Kollar)
Shares of the ETF Oil Service HOLDRs (AMEX: OIH) took a huge decline on Tuesday, January 15th closing just a fraction above a critical support level.
Oil Service HOLDRs is poised above critical support at $173. Should shares close below this level in coming days, we could see Oil Service HOLDRs decline to test the August correction lows at $155 a share.
The $173 level is the critical Fib 61.8% retracement support for the entire August through October 2007 rally.
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy has a position in Oil Service HOLDRs .
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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