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Oil Services Get Drilled

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March 21, 2012 – Comments (0) | RELATED TICKERS: HAL , OIH , SLB

The highly popular and important oil services stocks have been weak relative the major stock indexes since late February 2012. This morning, the Market Vectors Oil Services ETF (NYSEARCA:OIH) is trading lower by 0.97 cents to $42.02 a share. It is important to note that the OIH is now trading below the daily chart 50, and 200 moving averages. This chart position puts this sector in a weak technical formation on the charts at this time. Short term traders can watch for intra-day support around the $41.30 area.

Some leading oil services stocks that are declining lower this morning include Halliburton Co (NYSE:HAL), Schlumberger Ltd (NYSE:SLB), and Baker Hughes Inc (NYSE:BHI). All of these stocks are trading very much in tandem with the OIH at this time.

NIcholas Santiago
InTheMoneyStocks.com

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