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OIH Trades Under $140 and Tests 50 MA

Posted by Blain Reinkensmeyer
December 26, 2006 at 11:54 am

The oil services tracking fund (OIH) has had a rough tough the last few weeks, and today has trailed under $140 support and is right on its 50 Day Moving Average. If the 50 MA can’t hold this fund afloat, then trailing into the mid $130s is highly plausible. I would advise staying away from this fund until it can climb back above its major moving averages. The close Friday under the 200 MA was another bear flag btw for OIH.