Oil Stocks Testing Support

12/09/2009 9:28 am EST


Thomas Aspray

, Professional Trader & Analyst

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The drop in crude oil over the past week has turned the daily OBV negative, so it looks like we were wrong about an upside breakout. The S&P energy sector has declined sharply and is testing its uptrend, as is the oil services sector. After a bounce from this support, I would then expect a decline to the 200-day MAs.

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