How about that Head and Shoulders.. It's getting dangerously close to 130 level- will it slice through and continue lower? 1 week after the Labor Day and some oils are 25% down, hard to imagine the seasonal lows this time. Can you guys comment on that? Thanks!
Right now oih looks like its in free fall. But I would like to pick up some cheap oil some time soon.
I always watch OIH. Zoom in on daily candles on the run up and threre is small gap open around 127, and one near 113. Well 125 seems reasonable in the short term, I will look for a bounce play around there.
Looks pretty weak recently. Today, S&P up 9 points, crude up 1%, and OIH and XLE are *down*. (And would be down even further were it not for NE being up by 2% today).
The big boys are covering their crude shorts on the COT and Cramer is screaming OIH crash to 100 if those mean anything to you.