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Oil Service Stocks Fade, Watch These Levels

Published 08/14/2012, 01:45 PM
Updated 07/09/2023, 06:31 AM
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Earlier today, the important and highly traded Market Vectors Oil Services ETF (NYSEARCA: RTH) traded as high as $41.22 a share.

Since that high print, the OIH has sold off a bit and is now trading lower by 0.01 to $40.90 a share on the session. This is a sharp intra-day fade considering the light trading volume today in the market indexes. The OIH will have short term, intra-day support around the $40.82, $40.73 and $40.57 levels. The daily chart of the OIH is still holding up fine as price remains nicely above the 50- and 200-day moving averages.

Some other leading oil service stocks that are trading lower today include Baker Hughes Incorporated (NYSE: BHI), Schlumberger Limited (NYSE: SLB), and Apache Corporation (NYSE: APA). Each of these stocks is part of the OIH and usually trade in tandem with each other.
Market Vectors Oil Services ETF

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