Oil Services, Banking Look Strong
10/13/2010 10:07 am EST
The turnaround on Tuesday was impressive as the A/D numbers were quite negative early in the day but closed positive. The Philadelphia Oil Service and KBW Banking sectors are both acting well technically as the oil service group broke through its downtrend on September 13. It retested the downtrend before rallying sharply, with next targets now at 220-225. The KBW Banking Index has just broken its downtrend, which may complete a reverse head-and-shoulders bottom formation. Next strong resistance is in the 51 area with chart targets at 53-54.
Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com. The views expressed here are his own.