VanEck Vectors Oil Services ETF (NYSE: OIH):
28 July 2018, Saturday, 6.00pm Singapore Time
(Click on Technical Chart above to Expand)
Attached is the Technicals for VanEck Vectors Oil Services ETF (NYSE: OIH) giving a glimpse into how the oil services industry will be doing in 2H-2018, 1H-2019 and 2H-2019. In line with the continued strong rally in crude oil to come, the VanEck Vectors Oil Services ETF has formed an ascending bullish triangle. The breakup of the bullish ascending triangle is expected to hit the resistance in red circled region before doing a backtest of the break-up region in the first green circle to confirm the sustainability of long term bull market. Commodities, energy, raw materials, oil-rigs, shipbuilding and shipping industries worldwide are expected to take over from the technology sector to confirm that we are in the mid-point of a bull market, i.e. 2008-2018 is the first leg, and 2018-2028 being the 2nd leg of bull market (secular cycle market).
The Donovan Norfolk Technical Rating:
Bullish
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