Oil Services Sink Again
Nicholas Santiago | May 10, 2012 02:45AM ET
This morning, all of the leading oil service stocks are declining lower with the major stock indexes. The important Market Vectors Oil Services ETF (NYSE:ARCA:OIH) has been selling off for over a week and this sector is entering short-term oversold conditions; therefore, a small bounce in the next few day is possible. The OIH will have intra-day support around the $37.00, and $36.50 levels.
Some of the leading oil service stocks that are coming under selling pressure include Schlumberger Ltd (NYSE:SLB). All of these leading stocks are part of the OIH. These stocks are all nearing short-term oversold conditions which could lead to a small short-term bounce soon.
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