Oil Services Get Drilled

The highly popular and important oil services stocks have been weak relative the major stock indexes since late February 2012. This morning, the Market Vectors Oil Services ETF (NYSEARCA:OIH) is trading lower by 0.97 cents to $42.02 a share. It is important to note that the OIH is now trading below the daily chart 50, and 200 moving averages. This chart position puts this sector in a weak technical formation on the charts at this time. Short term traders can watch for intra-day support around the $41.30 area.

Some leading oil services stocks that are declining lower this morning include Halliburton Co (NYSE:HAL), Schlumberger Ltd (NYSE:SLB), and Baker Hughes Inc (NYSE:BHI). All of these stocks are trading very much in tandem with the OIH at this time.

About Nicholas Santiago 575 Articles

Affiliation: InTheMoneyStocks.com

Nicholas Santiago started trading in 1991. In 1997, he became a licensed Series 7 and 63 registered representative. He managed money for a large, affluent private client group. After applying his knowledge to his client base, he decided it was time to begin teaching those interested in learning his methods. He is an expert in Technical Analysis. He has become an accomplished technician in the studies of Elliot Wave, Gann Theory, Dow Theory and Cycle Theory. In 2007, he partnered with Gareth Soloway to form InTheMoneyStocks.Com and realize his dream of educating others about the truth of the markets.

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