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Oilservices

OIH: Keep Going! 👏OIH is on its way toward our green Target Zone (between $$321.09 and $339.97), nearing the last local high from the end of January. We expect the ETF to arrive in said Target Zone during the orange wave ii before the orange five-wave downward structure should continue, ultimately concluding below the support at $277.30 (but still above $250.69). Still, there is a 32% chance that the orange wave Alt.ii has already finished without reaching our Target Zone, which would be confirmed by the price dropping below $277.30 earlier.
AMEX:OIH
by MarketIntel
SDRL an oil services and support company LONGSDRL is a Scandavania / UK-based company supporting offshore oil drilling projects. On the daily chart I have drawn a green support trendline and a red resistance trendline from the higher weekly timeframe. Fundamentally- it has had two consecutive earnings beats. Per Tradingview, the average analyst has a price of $45 as a target and technically it rates Strong Buy. On the chart, SDRL is sitting at the confluence of convergence of moving averages with the POC line of the volume profile and inside a symmetrical triangle which could be considered as demonstrative of consolidation and volatility compression and sometimes called a Bollinger Band squeeze. I will take this long trade targeting the line just below the supply zone of the Luxalgo indicator and setting a stop loss at the bottom of the high-volume area also marked on the chart SDRL could be a takeover target with the buyer being any number of Big Oil companies Should such occur share prices would escalate far beyond any current expectations.
NYSE:SDRLLong
by AwesomeAvani
OIH: Come on! 👏Since the low of wave ii in orange, OIH has already managed some strong upwards moves, but so far, it could not successfully conquer the resistance at $276.85. However, we expect the ETF to climb above this mark soon to develop wave iii in orange. Afterward, the short counter movement of wave iv in orange should interrupt the ascent, before the following upwards step should lead to the top of wave 2 in turquoise. There is a 35% chance, though, that OIH could slip downwards and drop below the support at $250.69 instead.
AMEX:OIH
by MarketIntel
OIH: Rebound 🏐Impulsively, OIH has bounced off the resistance at $276.85, which now marks the top of wave iv in magenta. Next, the ETF should continue the downward trend below the support at $250.69 to complete the magenta-colored three-part movement and thus expand wave 3 in turquoise. However, a 35% chance remains that OIH could take a northbound detour, climbing above the resistance at $276.85 to develop a new top in the form of wave alt.2 in turquoise first before turning southwards again.
AMEX:OIH
by MarketIntel
go long OIHAfter almost 7 years of bearish price action, oil services will be essential in the transition to electric vehicles and clean energy. Most automakers are shooting for 2025 to have an entire EV fleet or mostly EV fleet. That's a 4-7 year runway for a bull run; assuming that it will take time to transition and for all automakers to be on the same page. Freight and travel will only increase with time further improving demand for oil and oil services. Tom Lee from Fundstrat gave this oil services ETF a price target of $740 if oil hits $80 a barrel which seems extremely likely with the macroenvironment. Playing this trend through an ETF is the safest way to play it because you are taking out the idiosyncratic risk of being tied solely to a single company. The top ten holdings of OIH are: SLB: 22.46% HAL: 13.21% BKR: 5.84% FTI: 5.22% CHX: 4.97% TS: 4.63% LBRT: 4.57% NOV: 4.37% HP: 4.13% RIG: 4.00% Weekly Chart: Daily Chart with Golden Cross:
AMEX:OIHLong
by EBITDAtiger
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