Which ETF Could Trade Up To $64?
I was dabbing
oil from my brow as
(
OIH |
Quote |
Chart |
News |
PowerRating) pushed lower and lower into our Fibonacci support zone.
However, Fibonacci came through once again. Today we have a bullish engulfing
candle pattern against our Fibonacci support and time cycles. In candle world,
you typically want to see some follow through after a day like today in OIH.
So, we’ll see if this thing can get some momentum going to the upside. The first
test for this reversal will be a Fibonacci resistance zone from 55.98-58.24.
If (and right now that’s a big IF) this ETF can push up through this zone then
my objective of $64 is well within the realm of possibilities. This objective
is only good if we hold the current low put in today.
Have a great
evening!
P.S. I’m in the midst of finishing
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