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TNRSF - OIH: A Coiled Spring About To Release Accumulated Potential (Technical Analysis)
Tenaris Sa Reg Shs
Summary
Underinvestment in upstream O&G puts the oil services sector in a coiled spring of accumulated potential.
My technical analysis framework based on Trend Flow, Support/Resistance Location, and False Breakout Traps suggests that the OIH ETF is poised to outperform the S&P 500.
Key fundamental drivers of the OIH ETF include increased drill rig counts in North America and management commentaries about new upstream capex.