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OIH & MFI

 
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PostPosted: Sun Jun 24, 2007 2:01 pm    Post subject: OIH & MFI Reply with quote

Last week, oil rose $0.60 to $69.14, while OIH (Oil ETF) rose $2.55 to $180.20 after a volatile week. Currently, OIH is severely overbought with the weekly RSI and ULT (above price chart) both above 70, and the weekly MFI (below price chart) above 90. MFI is the Money Flow Index. The following is a StockCharts.com statement on MFI: "The MFI can be interpreted much like the RSI in that it can signal divergences and overbought/oversold conditions...A stock is considered "overbought" if the MFI indicator reaches 80 and above (a bearish reading), or a bullish reading of 20 and below suggests a stock is "oversold." It's very unusual, particularly for an ETF, that MFI has stayed so high for so long (i.e. above 80 for 10 weeks). So, it seems, a pullback is in order.

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