As we can see from the full stochastics on the daily timeframe, OIH is oversold. However, we all know that we can stay oversold for a very long time. I'd like to see the stochastics break above 20 before taking any long positions in this sector. This will likely coincide with a high volume break of the 130 price level.From the 60 minute view below, we see positive divergence of both the RSI and MACD. Again, 130 would give us a break of the 10, 20 and 50 MAs and the target would be the 200 MA on the 60 minute timeframe.
I'm not going to post any specific stock charts for the sector because I usually trade Canadian in the OIH sector. A few names that trade on the NYSE that I like are ECA, SU, CNQ.
4 comments:
I have been watching OIH for several weeks scalping a point or so - but now I was ready for a good move and you reinforced my feeling +7R
Thanks so very much
peachin
You're welcome Peachin. Nice work!
HI J. check out INFY. NR7. looks intersting.
basim.
Hi B,
INFY looks interesting alright. Could be setting up for a 3 day consolidation breakout after two inside days. MSFT has a similar setup without the inside day, but it is consolidating in the upper half of its last leg up.
Post a Comment