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Strategies & Market Trends : Point and Figure Charting -- Ignore unavailable to you. Want to Upgrade?

To: Jack Chen who wrote (4562)7/9/1998 4:53:00 PM
From: Judy  Read Replies (1) | Respond to of 34811
 
The sector should retest the lows of Jan '98, this double bottom needs another month or so to complete. Potentially the sector could even test the lows of April-May of '97 if the surplus of oil is maintained because OPEC does not adhere to their reduced production for whatever reason.



To: Jack Chen who wrote (4562)7/9/1998 4:55:00 PM
From: Mr. BSL  Read Replies (1) | Respond to of 34811
 
Hi Jack. The Oil Service sector is still in a long column of O's on the bullish percent chart. It turned around at 62% and is heading for 20%. The good news is that the IBD subsector, oil and gas field service (which contains HAL and SLB), is at bull alert 30. This subsector contains only 45 stocks but is an indication as to which subsector will lead the Oil Service sector up when it does turn.
Good luck. duke60


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