The chart below looks at the Oil Service Index (PHLX Oil Service) over the past decade. From the highs of 2014 to this year's lows, the index declined nearly 65%. Could it be creating an trend reversal pattern?
Take a look.
The index remains inside a two-year falling channel. It potentially has created a reversal pattern over the past year.
At this time, OSX is attempting a breakout of falling resistance at (1), which could send a positive message to the energy risk-on trade.
We have been sharing this pattern with members since July. Some fun potential here friends.