I am publishing this chart on the oil-service-sector-ETF-OIH. It stands to reason that if Light-Crude-Oil is going to sell down, the oil-service-sector will be weak also. One would confirm the other. Just as with Light-Crude-Oil-Futures, There are many sell signals. 1. Sell Fractals in effect (rectangles on chart). 2. Alligator jaws opened in tandem with sell Fractal. 3. Chop indicator (under chart) (indicates a trend or choppy action) is below the 38.2 shaded area. This indicates a strong trend coming that is down. 4. Phase energy (lower top indicator) is heading higher (one green bar) because of short-term bounce. Look for reversal before zero line. 5. Momentum (middle top indicator) is the 5/34 measure, and this is heading lower. 6. Prices are trading below the Ichimoku Cloud . 8. Prices are trading below the Ki jun-Sen baseline of the Ichimoku Cloud. 9. Prices are trading below the thick red Ichimoku Cloud conversion line. 9. The trend-line is heading down (thick golden line inside the Ichimoku Cloud ).
The sell signal will most likely trigger when RSI/ Stochastic (top indicator) reverses, and the phase energy starts to have red bars. This has already happened on the one hour chart. For oil-service I believe the path of least resistance is down. Don.
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