VanEck Oil Services ETF

  • OIH

  • $305.39

  • +2.60%

  • $300.82

  • $306.35

  • $299.52

Ticker Appearances

Mon, November 4, 2024 | 12:36PM ET

⚡ FlashInsights

Mon, November 4, 2024 | 12:36PM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
🔥 🔥
Big news over the weekend concerned OPEC+ delaying the return of Output reduction by one month and Crude bouncing also potentially on news of retaliation by Iran to attacks by Israel post the US Election. As daily WTI Crude (front month) futures charts show, the decline in October was likely a clear five-wave decline. Thus, while a minor bounce is underway, it likely won't prove too strong before another pullback down to new lows in December. Volatility has risen for Crude, but not unlike what's being seen in many assets ahead of the Election. Technicals for both Crude and Energy as a sector are negative into next year, and bounces should be seen as temporary before prices turn back lower. (CL 0.36% _F) XLE 0.81%  OIH 2.60%
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Wed, October 2, 2024 | 11:03AM ET

⚡ FlashInsights

Wed, October 2, 2024 | 11:03AM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
🔥 🔥
Lot of investors wondering if C N/A% rude is bottoming, and i do NOT feel this is the case technically, though i can make the case for another 2-4 days of gains back up to 73.45-74.50 before this peaks and goes back to the lows. Structurally this remains bearish, Elliott patterns suggest a good likelihood of $50 oil, DeMark exhaustion is not in place and cycles remain bearish until Summer 2025. Thus, while a short-term bounce is certainly underway for Energy as a sector as Geopolitical risk has elevated, i don't suspect this will prove long-lasting. Technically speaking, bounces would be used to Trim/take profits/hedge Energy as of early next week. (CL 0.36% _F) OIH 2.60%  XLE 0.81%
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Tue, September 3, 2024 | 10:55AM ET

⚡ FlashInsights

Tue, September 3, 2024 | 10:55AM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
🔥 🔥 🔥
Front month Crude futures are dropping sharply, lower by nearly 3% to the lowest since early January 2024, and it's thought that the feeble recovery in China is also stoking fears about low demand for Crude. WTI Crude could find temporary support in the mid-60s but i fully expect a possible drop to 50 or below into 2025. OIH 2.60%  has violated support and both XLE and XOP are quite weak this morning. Equal-weighted Energy is on the verge of breaking intermediate-term support vs Equal-weighted S&P 500 which has held since 2022. Overall Energy is a technical Underweight, and i expect additional weakness
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