OIH is the oil services ETF and currently loooks to be sporting an inverted head & shoulders on the daily chart below.
Given the broader market cross currents this is one of those instances where risk management becomes ever more important than usual.
We plan to go long for an initial Bucket 3 positon either later today or above $129.20…we wil keep you updated.
Once we have an initial small position and once the market moves up we would add to the position and at the same time take its timeframe down to Bucket 2. That's so we can mentally close the position quicker should it erode.
