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Non-Tech : Invest / LTD
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To: Jeffrey Beckman who wrote (14268)2/26/2001 2:39:10 PM
From: The Ox  Read Replies (2) of 14427
 
As long as the overall market stays weak, I would expect the OSX to be stronger on a relative basis. From a 'simple' TA perspective, their is now a downtrend line from the 142 high through the recent peak in the mid 130s. I would expect resistance if the OSX goes higher from here. There's good support in the low 120s and even more support in the low teens.

RIG should see some resistance in the 50 area. I think this run could get to the 55 area where there should be plenty more resistance. OPEC meets in about 2 weeks and it wouldn't surprise me to see a nice run in anticipation of more cuts. I still think that the futures markets are supporting the sector.

Like Big Dog always stressed, it's the price of oil and now NG!
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