Oil Shares Now Attractive for the Long Term
Commodities / Oil Companies Aug 01, 2016 - 07:15 PM GMT
Technical analyst Jack Chan charts a new major buy signal for oil stocks.
$OSX has confirmed a new major buy signal, which can last for months and years.
Speculation has now reached the level of previous pullback bottom.
The bottoming process continues.
Summary
With a new major buy signal in place and the cycle having bottomed, investors can cost average in on oil stocks and/or ETFs, and hold for the long term.
Jack Chan is the editor of simply profits at www.simplyprofits.org, established in 2006. Chan bought his first mining stock, Hoko Exploration, in 1979, and has been active in the markets for the past 37 years. Technical analysis has helped him filter out the noise and focus on the when, and leave the why to the fundamental analysts. His proprietary trading models have enabled him to identify the NASDAQ top in 2000, the new gold bull market in 2001, the stock market top in 2007, and the U.S. dollar bottom in 2011.
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Charts courtesy of Jack Chan
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