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OIH Chart

 
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arthur
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PostPosted: Sat Apr 09, 2005 6:45 pm    Post subject: OIH Chart Reply with quote
The OIH weekly chart shows both the RSI and Oscillator (ULT) were both severely overbought twice recently (also shown in Feb 27th and Mar 5th Market Overview sections), which led to sell-offs both times. Currently, Federal Reserve policy is to "talk down" oil prices, which may indicate the OIH rally is over. Consequently, OIH may fall to 90 again, short-term, and then test the 40 week MA, at 84. So, it may be best to buy Jul puts above 97 and May puts above 98.

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