Oil Service ETF Testing Resistance

- Technical Market Commentary -

July 26, 2011 (FinancialWire) (By Frank Kollar) -- Shares of the ETF Oil Service HOLDRs Trust OIH are testing resistance at $162 per share.

OIH has had a nice run-up since its June 27 low, adding some 15% in the last month, to close at $161.66 on Monday. The $162 level is where the late April rally failed, and that level needs to be surpassed to continue this advance.

If OIH does eclipse the $162 level in coming days, look for the ETF to make a run for its $165 rally highs that were reached back in early April.

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Disclosure: Frank Kollar's Fibtimer.com ETF Timing Strategy holds a position in the Oil Service HOLDRs Trust.

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Frank Kollar has been timing the financial markets since 1982, with online service since 1996. He is a dedicated trend timer and his strategies exited the markets before the crash in 1987 as well as the bear market in 2000 through 2002. During the 2000-2002 bear market and the 2008-2009 bear market his bearish positions resulted in substantial gains, all achieved by trading trends.

Kollar's research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.

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This and all original content authored by Frank Kollar are subject to proprietary trademark, intellectual property and copyright Laws. Copyright (C), Frank Kollar; All rights reserved.

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