OIH

The OIH was one of the pest performing industry ETFs today, and has been making a nice basing pattern over the past couple of months. Price closed above it's 50 day moving average and we could see a move up to $89 to test its previous high. The MACD has also been divergent for the past 3 months as well. Although this chart is starting to look a little better, expectations should be tempered until the 150 day moving average comes down a little closer to price. I think that over the next couple of months it will be in a good position to break above the $103 area. Watching the USO can also help us identify whether that breakout will be sooner or later. Until that time it is an interesting ETF to keep an eye on.