With energy and materials leading the charge higher, it is instructive to consider the still-consolidating oil services in the OIH ETF. They have indeed been quiet for quite some time now, but could easily wake up with the rotations we have seen into energy.
The first chart, below, is a weekly view of the OIH. Note the range that has been present for several years. A move through $45 would be an excellent start for the bulls. Should that materialize, you are likely to see stocks like NOV (second chart, below) break out of its weekly bull flag to all-time highs above $90–A well-defined resistance level that, if breached, is highly likely to lead to a sustained breakout.
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