Oil Services Sink Again
This morning, all of the leading oil service stocks are declining lower with the major stock indexes. The important Market Vectors Oil Services ETF (NYSE:ARCA:OIH) has been selling off for over a week and this sector is entering short term oversold conditions; therefore, a small bounce in the next few day is possible. The OIH will have intra-day support around the $37.00, and $36.50 levels.
Some of the leading oil service stocks that are coming under selling pressure include Halliburton Co (NYSE:HAL), Baker Hughes Inc (NYSE:BHI), Apache Corp (NYSE:APA), and Schlumberger Ltd (NYSE:SLB). All of these leading stocks are part of the OIH. These stocks are all nearing short term oversold conditions which could lead to a small short term bounce soon.