Oil Services Stocks Continue To Climb
The oil services stocks have moved up sharply since the October 4, 2011 pivot low. At that time, the Oil Services Holders Trust (NYSE:OIH) traded as low as $95.00 a share. This morning, the OIH is trading higher $2.00 to $116.80 a share. Believe it or not, the OIH has gained over 21.0 points in less than six complete trading sessions, now that is a bounce. Traders should watch for intra-day support on the OIH around the $118.00, and $120.00 levels.
Some leading oil services stocks that are rallying higher this morning include Halliburton Co (NYSE:HAL), Schlumberger Ltd (NYSE:SLB), and Transocean Ltd (NYSE:RIG). These stocks will often trade together as they are all part of the OIH holdings. Traders should watch for pullbacks when the OIH hits resistance. These stocks all look to have further upside in the short term.