Oil Services Stocks Nearing Extended Levels
This morning, the highly followed and traded Oil Services Holders Trust (NYSE:OIH) is trading higher by $1.46 to $124.32 a share. The OIH has rallied sharply higher by $29.00 since the October 4, 2011 pivot low. Traders must watch for important daily chart resistance for the OIH around the $129.00 area. Short term traders must watch for intra-day resistance around the $125.50 level. Should the OIH pullback intra-day there will be some short term support around the $122.75 level.
Other leading oil services stocks that are trading higher today include Halliburton Co (NYSE:HAL), Schlumberger Limited (NYSE:SLB), and Baker Hughes Inc (NYSE:BHI). Traders must remember that all of these leading stocks are part of the OIH, therefore, the OIH should be followed most closely.