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Oil Services Stocks Run Out Of Steam Early



February 07, 2012 – Comments (0) | RELATED TICKERS: OIH , SLB , HAL

This morning, all of the leading oil service stocks are coming under selling pressure. The popular and highly traded Market Vectors Oil Services ETF (NYSEARCA:OIH) is trading lower by $2.25 to $128.85 a share. Short term traders can watch for intra-day support around the $128.00, and $127.00 levels. Traders can watch for intra-day bounces around these levels.

Some of the leading oil service stocks that are trading lower this morning include Halliburton Co (NYSE:HAL), Baker Hughes Inc (NYSE:BHI), and Schlumberger ltd (NYSE:SLB). All of these stocks are short term overbought on the daily chart and may need to pullback or consolidate in the near term.

Nicholas Santiago

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