Oil Service Stocks Are Still Struggling
This morning, the leading oil service stocks are still trading lower despite the recent stock market rally. The Market Vectors Oil Services ETF (NYSEARCA:OIH) is trading lower by 0.56 cents to $41.22 a share. The OIH should have short term intra-day support around the $41.00, and $40.50 levels.
Some leading oil service stocks that are declining lower today include Schlumberger Ltd (NYSE:SLB), Halliburton Co (NYSE:HAL), and Baker Hughes Inc (NYSE:BHI). All of these stocks are now short term oversold on the daily charts, therefore, a bounce in the near term is still possible. These stocks all remain in a weak technical position by trading below the important daily chart 50, and 200 moving averages.