Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: marc chatman who wrote (51454)	9/21/1999 8:43:00 AM
From: marc chatman	Read Replies (1) of 95453

Some technical thoughts: OSX formed a bearish MACD divergence on the daily charts when it hit its most recent new high. (The same was true for On Balance Volume.) OSX has broken below the 50 day EMA. OSX has broken below the mid-BB. The weekly chart shows a MACD cross-over (i.e., the MACD crossed below the signal line), which will be confirmed unless there is a miraculous turn-around by the end of this week. The last time the MACD was below the signal line was last October. My opinion is that the current trend (within the longer-term bull market in oil services) is sideways to down. I feel we could see a couple of months of weakness, with better buying opportunities to come. I wouldn't be surprised to see the OSX test the 200 day EMA, which currently is at 75.316, but trending up. Of course, this is just the OSX, and individual stock charts vary considerably. Some individual issues were already correcting before the OSX started to move down, and some could still move up against the trend of the average. Perhaps this is the first of a three wave corrective move (just a WAG on my part -- perhaps Gary Burton has a read on this). Any technical comments would be welcome.

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