Oil Drillers and Mining Stocks Still Facing Strong Technical Resistance

With Phelps Dodge (PD) poised to make it nine straight up days resulting in nearly a 20 point gain, and the Oil Service HOLDRs ETF (OIH) up nearly eight points in less than a week, one would think that the oil drillers and mining groups are back in bull market mode. However, a quick look at some charts shows that the two groups are sitting at key levels of resistance which still need to be broken in order for technical types to get back in.

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