The Oil Service HOLDRS (OIH) surged over 30% in October and hit resistance in the 137 area. Resistance here stems from broken support and the August highs. This level also marks a 61.80% retracement of the prior decline and the ETF is quite overbought after the October run.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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