This Is Why Oil Services Has My Attention


The Oil Service
and Drilling sectors definitely have my attention
right now. Why is
that? I have included two daily charts below. One of the
Oil Service Holders

(
OIH |
Quote |
Chart |
News |
PowerRating)
, and one for
Rowan

(
RDC |
Quote |
Chart |
News |
PowerRating)
. As you can see there are some common characteristics
here:

1) Solid Fibonacci price
support

2) Bullish Gartley patterns into our support zone

3) Time cycles for a reversal to the upside right about now

4) Also…RDC has a Triple Crown Zone imbedded in its Fibonacci price support
levels from 20.00 to 20.88

So, in the
short term although these stocks have been quite weak, I would be thinking about
taking profits if short and even considering a long trade against these zones.
Of course, if triggered into a long, I’m placing my stop just below the support
zone.

Good night!

Derrik

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