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Oil Services Slide Early



January 23, 2012 – Comments (1) | RELATED TICKERS: OIH , SLB , HAL

This morning, all of the leading oil services stocks are declining lower. Earlier today, Halliburton Co (NYSE:HAL) reported earning that were below investors expectations. The stock is trading lower by $1.30 to $34.91 a share. Short term traders should watch for intra-day support around the $34.50 and $33.85 levels. The stock could see short term intra-day bounces from this area.

Traders that want to follow the entire oil services sector can follow the Market Vectors Oil Services ETF (NYSE:OIH). The OIH will have short term intra-day support around the $121.00 and $120.00 levels. Should the OIH trade higher this morning traders should watch for intra-day resistance around the $123.05 area.

Nicholas Santiago

1 Comments – Post Your Own

#1) On January 23, 2012 at 10:23 AM, QuarkHadron (66.22) wrote:

Haliburton's drop could also have a bit to do with activity in natural gas.

 "Natural-gas futures surged Monday after Chesapeake Energy Corp., the second-largest U.S. gas producer, said it will curtail gas production and drilling in response to low prices."

 A goodly part of Haliburton's North American revenue came from natural gas exploration and the projection for next year would be based on the same (fracking). So, a reduced outlook for natural gas would also hit Haliburton, I think.

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