How Much Fuel Is Left In The Oil Services Stocks?
The oil services sector has been very strong since December 19, 2011. The Market Vectors Oil Services ETF (NYSE:OIH) is trading higher again this morning. The OIH is climbing higher by $1.73 to $122.91 a share. Traders must watch for upside resistance on the daily chart around the $124.75 level. Short term traders can watch for intra-day resistance around the $123.50 and $124.00 levels.
Some leading oil services stocks that are trading higher at the start of the day include Halliburton Co (NYSE:HAL), Baker Hughes Inc (NYSE:BHI), and Schlumberger Ltd (NYSE:SLB). All of these leading stocks could have a little more upside potential on the daily charts, however, when the OIH pulls back most of these stocks will likely follow.