The OIH is dropping significantly today continuing to drop below its prior up trendline and just now touching its 20-day SMA. If the OIH breaks below the $188.35 close on July 23 ($187.48 was that day's low), then it could be a good bet to put on an Ultrashort with DUG.
UPDATE 1: The OIH has now bounced off its low, much like the reaction we saw earlier on Sept. 26. Oil keeps resisting the downward pull. But for how long? The OIH has now been trading between $195-$190 for the past 12 sessions. Double top play still developing.
UPDATE 2: Bouncing back up to the trendline at $193.60. Range-bound action continues.
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