Here’s One Way To Utilize A Pitchfork
Cold winter is coming.
Oil will hit 60. That is what people are saying. It sounds like a subliminal
message, but do we really want 60?
10:54:42
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Oil Service HOLDRs (OIH)
is nearing the October 15 high after bouncing off the 38.2% Fib level. OIH is
trading at 81.99, up 2.28.
As we expected, or hoped, the stock took out the high shortly after the alert.
But where should we take profits? One obvious place is the prior high set on
October 7. Another area you can target is right at the middle line of a
pitchfork.
I’m not suggesting everyone to use pitchforks, but it helps you to avoid a crowd
of traders. Don’t be too obvious!
Have a nice afternoon session.
If you have questions, feel free to mail them to me.
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