Saturday, January 23, 2010

The Current Best Oil ETFs To Buy (or Sell)

We track all oil ETFs live in our Tracking Live site. It is great way to visualize what is going with oil ETFs. This is a screen capture as of Friday jan 22:

We computed the Relative strength indicators values of all oil ETFs on the market. By ordering the results either by RSI daily or RSI monthy, we can get a very good view of which ETFs are oversold and which ones are overbought.

Here they are. The top table shows the ETFs ordered by RSI7d, the bottom table, ordered by RSi7-m:

(please click to enlarge)

In the short term, the most oversold are UHN, UCO, OLO, and the popular USO. DUG and SZO are the top overbought.

In the long term, only DUG is slightly oversold, while there are no overbought ETFs.

These are very good indications of which ones should correct or should climb, depending on the investment timeframe.

As for oil itself, there is still a long term buy signal, but there are short term sells:

(look at the green triangles on the chart, and the red signals on the legend). The reds are for daily and weekly timeframes.

These are the ETF names:

Note: You may receive technical analysis and alerts of these stocks, sent automatically to you, by entering the symbols in the Technical Trend Analysis Tool, (powered by INO).

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