Don't Ignore This Chart!

MarketVectors Oil Services ETF Stalls with Three Inside Days

OIH surged to a new high with a long white candlestick last week, but suddenly stalled as the next three candlesticks formed inside this long candlestick.  This is basically an extended harami pattern, which is potentially bearish. Also notice that OIH is up over 20% since mid November and a retracement (correction) could be in order.

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Arthur Hill
About the author: , CMT, is the Chief Technical Strategist at Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London. Learn More
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