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.