ALGO Signal: Sell Oil Search

Our ALGO engine triggered a sell signal on Oil Search at yesterday’s ASX close at $7.11.

Over the past 2 months, the share price of OSH has been strongly correlated to, and benefited from, the rise in Spot Crude Oil.

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With the internal momentum indicators in both markets approaching overbought territory, we expect to see a pullback in OSH.

As the chart below illustrates, there is stiff resistance near the May highs of $7.35 and the next key support level can be found just below $6.40.

Oil Search


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