Oil Service Stocks Pump It Up
This morning, most of the leading oil service stocks are advancing higher to start the trading week. Today, the popular and highly followed Market Vectors Oil Services ETF (NYSEARCA:OIH) is trading higher by 0.65 cents to $43.60 a share. Short term traders should watch for intra-day resistance around the $43.65, and $44.04 levels. The daily chart of the OIH is still trading above the important 50-day moving average which keeps the OIH in a strong technical position. There will be very good daily chart resistance around $46.00 level.
Some of the leading oil service stocks that are trading higher today include Baker Hughes Incorporated (NYSE:BHI), Halliburton Company (NYSE:HAL), Schlumberger Limited (NYSE:SLB), and Apache Corporation (NYSE:APA). It is important to note that the oil service stocks will usually trade higher when oil prices increase, spot crude is trading higher by 0.39 cents to $98.24 a barrel.