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 (56204)	12/6/1999 5:15:00 PM
From: marc chatman	Read Replies (3) of 95453

I'd be interested to hear whether there is any technical analyst out there who has a positive read of the OSX or its components. Is it possible the OS stocks are forming a large bullish pennant/triangle? I think that's possibly stretching the limits of a reasonable reading. I see many stocks, and the OSX, sitting near an up-trendline formed by the 1998 or 1999 lows and the recent October 1999 lows. I would hate to see that trendline broken. I also can't help but notice the similarity in the OSX chart to 1997/98, when it hit its all-time high of 140+, then took a significant dip, and on the next move up failed to make a new high. Then came the crash. We have now seen a run to 90+, a significant dip, and a failure to make a new high, followed by a sell-off. I think George makes a good point. If these stocks can't react well to $27 crude and rapidly depleting stocks, what will take them higher? Earnings? -- the next salvo is at least a month away. Even if those earnings are incredible, a lot of damage can be done in a month. Am I correct in assuming that prevailing sentiment has people now praying for a tradable rally to sell?

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