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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: CommanderCricket who wrote (81791)	3/22/2007 8:05:02 PM
From: chowder	Read Replies (2) of 206165

Re: OIH ... I agree CC. No frothyness in the OIH unless one is looking mini term, or in the coming week. In looking at a weekly chart for an intermediate to long term view, price has formed a symmetrical triangle which flashed a buy signal this week. Technically speaking, a symmetrical triangle is a rally to a relative new high, a pullback to an intermediate term support level, a second rally that does not exceed the recent high, a second decline that falls short of the intermediate term support level followed by a breakout on strong volume above the trend lines created by joining the new high and the secondary high. Why does it happen and how do you play it? Described here: baresearch.com Based on the implied price target as explained in the above link, it will take an OIH at $192 before it becomes frothy. Short to intermediate price target $165. Longer term $192. Stop $125.

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