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Watch Out for These Wavering Oil Stocks



May 23, 2011 – Comments (0) | RELATED TICKERS: DRQ , OIH

Lately, we have been raving about various oil stocks we think are great picks. As all investors know, not all stocks are going to be great picks, in fact, there are probably more poor stock picks than good. We want to give you the heads up about those stocks you should steer clear ofJoey Fundora has picked a couple oil stocks that he doesn’t find attractive for investors.


Dril-Quip, Inc. (NYSE:DRQ) is another oil service stock showing some weakness. In fact, DRQ has already broken down under its base and could be in trouble. DRQ had been holding the $72 level on several occasions, and sliced right through it in early May, along with its 200-day moving average near $70. Volume also ticked higher on this drop and DRQ is now attempting to bounce back towards its base. The $72 level could act as significantresistance, and traders need to watch this level for a reversal."


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