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Weak Start For The Oil Service Sector

|Includes:BHI, HAL, RIG, Schlumberger Limited (SLB)

This morning, the oil services stocks are all weak at the start of the trading session. The important and highly followed Market Vectors Oil Services ETF (NYSE:ARCA:OIH) is trading lower by 0.32 cents to $40.54 a share. Short term traders should watch for intra-day support around the $40.15, and $39.78 levels.

Some of the oil service stocks that are declining lower today include Halliburton Company (NYSE:HAL), Schlumberger Limited (NYSE:SLB), and Baker Hughes Incorporated (NYSE:BHI). All of these stocks will generally trade in tandem with the OIH. Short term traders can watch for possible intra-day bounces in these stocks when the OIH reaches its support levels.

Nicholas Santiago

(click to enlarge)Click to enlarge

Stocks: SLB, HAL, BHI, RIG