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August 30, 2005
Oil Services Not Impressed
Given the surge in oil prices on Monday, I would have expected bigger things out of the Oil Service HOLDRS (OIH). The stock opened strong, but failed to maintain gains and closed weak. The resulted in a black candlestick and a rising flag has taken shape over the last eight days.
These are potentially bearish consolidations and a move below 112 would signal a continuation lower. The downside target would be the support zone around 100-105. Careful with this one as the big trend is clearly up and further weakness would still be deemed corrective.
Posted by Arthur B. Hill at August 30, 2005 08:43 AM