Yesterday afternoon, most of the leading oil service stocks were trading higher on the session. The popular Market Vectors Oil Services ETF (NYSEARCA:OIH) has been very strong since bottoming in late June 2012. As of yesterday, the OIH was trading higher by 0.67 cents to $41.60 a share. Traders and investors should watch for some daily chart resistance around the $43.50 level. Short term traders can watch for intra-day resistance around the $41.70 and $42.00 levels.
Some of the leading oil service stocks that gained on the session included Halliburton Inc (NYSE:HAL), Baker Hughes Inc (NYSE:BHI), Schlumberger Ltd (NYSE:SLB), and Apache Corp (NYSE:APA).
Oil service stocks will often do well when energy prices increase. That is currently the case at this time as oil prices are trading at four month highs.