Oil Service Stocks Send Mixed Signals
This morning, many of the leading oil service stocks are trading slightly higher on the session. Today, the popular and highly followed Market Vectors Oil Services ETF (NYSEARCA:OIH) is trading higher by just 0.02 cents to $42.37 a share. The current pattern on the daily chart of the OIH signals a potential move down to the $40.85 area, this level should be short term support for the OIH. Should that level fail to hold up the next daily chart support level for the OIH would be around the $39.30 area.
Day traders should watch for intra-day resistance around the $45.65, and $46.00 levels. If the OIH declines lower throughout the trading day the OIH will have intra-day support around the $42.00, and $41.75 levels.
Some other leading oil service stocks that are trading slightly higher today include Baker Hughes Incorporated (NYSE:BHI), Schlumberger Limited (NYSE:SLB), and Apache Corporation (NYSE:APA). These stocks could all be volatile over the next few trading sessions as the daily chart patterns seem to resemble the OIH very closely.