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Technical Analysis OIH Daily OIH 60 Minute Chart HANS TIE SU Pattern Scan
Wednesday, December 6, 2006

Morning Update- $OIH, HANS and SU

Good Morning, there is not a whole lot of economic data slated to come out for today. Consequently, a couple of minor reports that come out today, may have a greater than usual effect upon the market. These reports are the weekly report on oil inventories and the weekly report on mortgage applications. The oil inventory report could effect the OIH the $EPX and $OOG. Today the stock market is likely to be volatile.

Oil Services Holders ETF (OIH)- Daily Chart
The daily chart of the OIH illustrates that it broke the down trend line to the upside and then retested that down trend line in November. After the successful retest the OIH has rallied up smartly ever since. In addition, you can see a beautiful bullish fan of all the moving averages, that sets the OIH up for a nice move. However, the OIH is approaching layered resistance at the 148 to 152 area. The OIH did have a light volume pullback the last few days to form a bull flag. There is bullish divergence in the PPO, from June and September. The there is not bearish divergence present. The RSI which is moving up in tandem with price. Furthermore, the stochastics are bull flagging.

Oil Services Holders ETF (OIH)- 60 minute chart
Lets take a look at the OIH 60 minute chart. You can see that wave iii at $149.92 coincides with the highs in the RSI and the PPO. The current wave structure, indicators and oscillators suggest a move to the low $150.00's by the end of this week. This move will flip the OIH into a 1-2-3 bullish trend reversal on the weekly chart. When the bullish reversal occurs on the weekly, it often causes a consolidation pullback for a week or so. After that consolidation occurs, it will then set the OIH up for a bullish trend on all time frames: monthly, weekly and daily by last half of December.

Hansen Natural Corporation - (HANS) - Stock Scan Chart

Now let's take a look at the stock scan pick for HANS. As you can see HANS is in a bullish continuation wedge pattern. Furthermore, the scan flags HANS with a price target around $58.00 within the next 107 trading days. If you look at the MACD you can see bullish positive divergence which confirms the upcoming move upwards, since it is moving up along with price. Entry was triggered on the 4th of December.

Sunocor Energy, Inc - SU - Stock Scan Chart

The stock scan has also flagged SU as a buy as of the close yesterday at $80.67. SU is in a bullish symmetrical continuation pattern. It has a price target of $1010.00 to $105.00 within the next 84 trading days. If you look at the MACD you can see bullish positive divergence which confirms the upcoming move upwards, since it is moving up along with price.

OIH DAILY
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OIH 60 MINUTE
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