Oil Service HOLDRs (NYSE: OIH) Rises
Above Resistance Says Market Timer Frank Kollar
July 21, 2010 (FinancialWire) (By Frank Kollar)
Shares of the ETF Oil Service HOLDRs Trust (NYSE: OIH)
are looking better after their steep May to June selloff
that ended on June 9.
On Tuesday, July 20, shares prices surged 3% on heavy
volume and broke above their 50-day moving average. OIH
closed near its highs at $106.37.
Tuesday’s rally also surpassed the June rally high.
This looks like a breakout though considering the volatility
of this ETF we would only be looking for a short term gain.
The 50% retracement of the May to June decline for OIH
is at $112.64. The 61.8% retracement is at $118.11. OIH
has a good chance of at least reaching these levels in
coming days.
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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