Weekend Update- SNDK, OIH,

SanDisk Corp. (SNDK) - Hourly Chart
The hourly chart shows that SNDK is in a falling wedge reversal pattern and has been in a wave 3 to 4 correction since the beginning of this year. Typically falling wedge reversals have a 2% failure rate. They usually retrace up to the 50%-65% Fibonacci retracement levels. I believe that SNDK will reach the 50% retracement level before options expiration at the downtrend line @ $65.00. Typically, good news is a catalyst for falling wedge reversals. The indicators and oscillators are bearish. Today, SNDK closed down 3.14% at $59.28.

Oil Services Holders ETF (OIH)- Daily Chart

The daily chart of the OIH illustrates that is in a wave (3) to (4) / ABC correction. It is in a bearish trend reversal. So far the OIH has not broken the uptrend line around $130.00. This would also be the 38.2% retracement level. Should that level hold, the OIH will then rally up to new 52 week highs. We will just have to wait and see if that uptrend line holds. I expect the OIH to trade sideways for a while. Indicators and oscillators are starting to look bullish.

Berry Petroleum Co. (BRY) - Daily Chart
BRY is one of the energy front runner stocks. The daily chart shows that BRY has broken out of the ascending triangle. It has ABC'd to back test the breakout line at $68-$66 ish. Indicators and oscillators are bullish and the stochastics are flagging and are starting to look bullish. Today, BRY closed up 1.31% at $70.180.

Sunocor Energy. (SU) - Daily Chart
SU is another energy front runner stock. The daily chart shows that SU is forming an ascending triangle. It maybe in the A part of an ABC correction on it's way to back test the uptrend line at $64 ish. There is some negative divergence in the RSI that makes this a higher risk play than BRY. However, the PPO is turning up above 0, and the Stochastics are bullish. We will have to watch this one. Today, SU closed down 0.70% at $78.280.