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Oil Service Stocks Hit An Oil Slick

|Includes:VanEck Vectors Oil Services ETF (OIH)

This morning, many of the leading oil service stocks are declining sharply lower at the start of the trading session. Today, the Market Vectors Oil Services ETF (NYSEARCA:OIH) is trading lower by 0.40 cents to $44.36 a share. It is important to note, the OIH has soared higher with the major stock indexes since April 18, 2013. At that time, the OIH was trading around $39.50 a share. Traders should now expect some daily chart resistance around the $45.00 level which is the double top resistance area from mid-February. Short term traders should watch for intra-day support around the $44.00, and $43.43 levels. The daily chart will have an important gap fill support level around $42.70 in the near term.

Some of the leading oil service stocks that are falling lower today include Transocean Ltd (NYSE:RIG), Baker Hughes Incorporated (NYSE:BHI), Halliburton Company (NYSE:HAL), and Schlumberger Limited (NYSE:SLB). Earlier today, leading oil service company Transocean Ltd reported earnings that missed Wall Street's expectations, this could be one of the catalysts for the weakness in the sector today.

Nicholas Santiago

(click to enlarge)Click to enlarge

Stocks: OIH