Oil Service HOLDRs
Trust (NYSE: OIH) May Be Near Bottom Says Market Timer
Frank Kollar
June 9, 2010 (FinancialWire) (By Frank Kollar)
Shares of the ETF Oil Service HOLDRs Trust (NYSE: OIH)
are nearing levels that may result in a reversal and at
least a short term advance.
Oil Service HOLDRs reached to almost the $90 level in
intra-day trading on Tuesday, June 8 before reversing and
closing at $92.64. This low is where Oil Service HOLDRs
reversed last week, and also is close to a bottom ended
a steep decline back on July 8, 2009.
If Oil Service HOLDRs holds here, we could see a reversal
and rally in coming days that will take this ETF back up
to $112 to $118 a share.
Should Oil Service HOLDRs break above, and close above,
$97.24 a share in coming days, look for the advance.
A close below $89.48 voids this possibility and would
likely result in lower lows, though there is another strong
support level down at the $86.96 level.
The Fibtimer.com (http://www.fibtimer.com)
ETF Timing Strategy holds a position in Oil Service HOLDRs.
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.
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.
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