Wednesday, May 25, 2016

Oil Service Stocks Get Slammed On Back Of Global Slowdown

This morning, many of the leading oil service stocks are trading sharply lower at the start of the trading session. Last night, all of the major stock indexes around the world sold off, this decline is certainly weighing on the oil services sector. Traders and investors can track the oil services sector by following the Market Vectors Oil Services ETF (NYSEARCA:OIH). Today, the OIH is trading lower by $1.17 to $41.40 a share. Day traders should watch for intra-day support around the $41.40, and $41.00 levels. Swing traders should watch and follow the daily chart of the OIH which is signaling support around the $41.00, and $39.50 levels.

Some of the leading oil service stocks that are declining lower today include Baker Hughes Incorporated (NYSE:BHI), Halliburton Company (NYSE:HAL), Apache Corporation (NYSE:APA), and Superior Energy Services Inc (NYSE:SPN). All of these stocks are now getting oversold in the near term on the daily charts. Traders should continue to follow the OIH chart closely as the leading stocks in the sector will often trade in tandem with each other.

Nicholas Santiago

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