The UBS analyst has buying ratings on Baker Hughes (NYSE: BHI), Halliburton (NYSE: HAL), Schlumberger (NYSE: SLB) and Weatherford International (NYSE: WFT). Those stocks combine for over 43% of OIH’s weight with Schlumberger and Halliburton combining for a third of the ETF’s weight.
“OIH just closed above 40-WMA for first time since bearish break in Sept 2014; 3 prior rallies proved counter-trend and ETF failed to reclaim key long-term MA,” reports Reuters. “Additionally, weekly MACD bullish and pressing highest levels since late 2014; study nearing zero-line inflection. Thus, OIH appears focused on resistance in $32.78/$34.80 area, and eventually 50 pct Fibo retracement of 2014/2016 bear can call for return to $39.23/$39.79.”
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