Oil Services Slide Early
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.