This morning, the oil service stocks are coming under selling pressure along with the major stock indexes. The highly popular Oil Services Holders Trust (NYSE:OIH) is trading lower by $2.77 to $122.81 a share. Short term day traders can watch for intra-day support around the $122.25, and $121.00 levels. The OIH will often trade inversely to the U.S. Dollar Index, therefore, traders should watch this inverse relationship closely.
Some of the leading oil service stocks that are coming under early selling pressure include Halliburton Co (NYSE:HAL), Baker Hughes Inc (NYSE:BHI), and Schlumberger Ltd (NYSE:SLB). All of these leading stocks have soared higher recently on the daily charts and could be due for a pullback. Often these stocks will simply trade in tandem with the OIH intra-day.
Nicholas Santiago
InTheMoneyStocks.com
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InTheMoneyStocks.com is a research and consulting company focused on guiding investors, swing traders and day traders to financial success. Their Chief Market Strategists analyze the markets while making calls on everything from stocks to commodities and currencies. Their goal is to not only guide their subscribers but also teach them their proprietary methods leading them to become investing and trading masters.
Nicholas Santiago
