Resistance Targets Hold – Oil Completes It’s Retracement

July 27th, 2009

Mid-day things are starting to move lower. I was happy to see that the S&P resistance level I talked about this morning around 895 wonderfully. See in the chart below how clearly it moved higher up to that level and then quickly fell back down (BLUE CIRCLE). From here we should be making the trip back down to 955 over the next few days.

 

spx25

 

OIH has completed it’s move higher to just below 110 which is a HUGE resistance level. The quick move from the bottom of this range at 87 should be followed by a similarly quick move lower to $100 at the very least. Take you pick on how to trade this one…OIH, DIG, DUG, etc.

 

oih2

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