Tuesday morning, many of the leading oil service stocks came under some selling pressure. This industry group has been very strong since mid-November 2012, however, most of the leading stocks in the sector are now trading into important daily chart resistance. The Market Vectors Oil Services ETF (OIH) is trading lower by 0.46 cents to $40.08 a share. The daily chart of the OIH had very good resistance around the $40.50 level which is an important gap fill area from October 22, 2012.
Some leading oil service stocks that declined lower yesterday include Apache Corporation (APA), Halliburton Company (HAL), Schlumberger Limited (SLB), and Baker Hughes Incorporated (BHI). Traders can usually just follow the OIH when the leading stocks in the sector are trading in tandem with each other.