Oil Services Drip Lower
The popular and highly traded Market Vectors Oil Services ETF (NYSEARCA:OIH) is trading lower by 0.71 cents to $42.39 a share. Short term traders should watch for intra-day support around the $42.18, $41.90, and $41.30 levels. The daily chart of the OIH will have support around the $40.75 area.
Some leading oil service stocks that are declining lower this morning include Halliburton Co (NYSE:HAL), Baker Hughes Inc (NYSE:BHI), and Schlumberger Ltd (NYSE:SLB). All of these charts remain in a weak position at this time and could have further downside in the near term.