Charts suggested to buy Oil Drillers ETF (OIH) last week (see post here) . In the chart below, Drillers (OIH) and Oil Stock ETF (XLE) have both broken channel resistance of late and are attempting to reach the next level of channel resistance.
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These two started reflecting relative strength almost two weeks ago and continued to do so last week. Suspect the news from Egypt will keep a decent bid in on this sector.
Game Plan… Keep a 4% stop on the OIH position. Am picking up XLE here with a 3% stop.
