OIH Squaring Up For Another Trade

  • March 5, 2003
  • Derrick Hobbs

The Oil Service Holders have
provided some volatility for the active trader. It is setting up for
a long trade based on our Fibonacci time and price analysis:

  1. We have a price support zone from 53.32-56.09 (6
    levels).

  2. Price symmetry: the last two declines were 4.5 to 5.5
    points. This decline is at 4.8 points.

  3. Time Cycles: 5 different time cycles coming in between
    March 5 and 7 for a potential cycle low.

If a long trade is initiated, my stop would be just below
the price support zone around 53.20.

Derrik Hobbs

 

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