649bruno
Short

OIH: Oil Service Sector Looks To Sell-Off With Crude Oil Futures

AMEX:OIH   VANECK VECTORS OIL SERVICES ETF
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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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