Oil Service Stocks Hit An Oil Slick
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This morning, many of the leading oil service stocks are coming under some selling pressure. This industry group has been very strong since mid-November 2012, however, most of the leading stocks in the sector are now trading into important daily chart resistance. The Market Vectors Oil Services ETF (NYSEARCA:OIH) is trading lower by 0.46 cents to $40.08 a share. The daily chart of the OIH has very good resistance around the $40.50 level which is an important gap fill area from October 22, 2012. Short term traders should watch for intra-day support around the $39.65, and $39.00 levels.
Some leading oil service stocks that are declining lower today include Apache Corporation (NYSE: APA), Halliburton Company (NYSE: HAL), Schlumberger Limited (NYSE: SLB), and Baker Hughes Incorporated (NYSE: BHI). Traders can usually just follow the OIH when the leading stocks in the sector are trading in tandem with each other.