Oil Service Stocks Hit An Oil Slick
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.
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.