Oil Service Stocks On Fire
Nicholas Santiago | Apr 25, 2013 12:44AM ET
This morning, most of the leading oil service stocks are soaring sharply higher at the start of the trading session. Traders and investors can track the important oil services sector by following the Market Vectors Oil Services ETF (OIH). Today, the OIH is trading higher by $1.00 to $42.12 a share. Short term traders should watch for intra-day resistance around the $42.40 area. The daily chart of the OIH is signaling resistance around the $43.00 area.
Some of the leading oil service stocks that are climbing higher today include Schlumberger Limited (SLB), Baker Hughes Inc (BHI), National-Oilwell Varco, Inc (NOV), and Halliburton Co (HAL). Traders should note that all of the major oil service stocks will generally track the OIH so further upside is likely to be limited in the near term.
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