Friday morning, all of the leading oil service stocks traded higher on the session. While this important industry group looked strong, it is important to note that the sector remains in a downtrend on the daily charts. The sector can be followed by viewing the Market Vectors Oil Services ETF (NYSEARCA:OIH). The daily chart of the OIH shows the ETF is trading well below the important 50-day, and 200-day moving averages, this is a weak daily chart formation for the OIH at this time. Today, the OIH is trading higher by 0.61 cents to $35.25 a share. Short-term traders should watch for intra-day resistance around the $35.50, and $36.00 levels.
Some leading oil service stocks that are trading higher today include Halliburton Co (NYSE:HAL), Baker Hughes Inc (NYSE:BHI), Schlumberger Limited (NYSE:SLB), and Transocean Ltd (NYSE:RIG). All of these stocks look very similar to the OIH on the daily chart. Despite Friday's bounce in the oil service stocks the larger daily trend remains down at this time.