This morning, many of the leading oil service stocks are trading slightly higher on the session. Today, the popular and highly followed Market Vectors Oil Services ETF (NYSEARCA:OIH) is trading higher by just 0.02 cents to $42.37 a share. The current pattern on the daily chart of the OIH signals a potential move down to the $40.85 area, this level should be short term support for the OIH. Should that level fail to hold up the next daily chart support level for the OIH would be around the $39.30 area.
Day traders should watch for intra-day resistance around the $45.65, and $46.00 levels. If the OIH declines lower throughout the trading day the OIH will have intra-day support around the $42.00, and $41.75 levels.
Some other leading oil service stocks that are trading slightly higher today include Baker Hughes Incorporated (NYSE:BHI), Schlumberger Limited (NYSE:SLB), and Apache Corporation (NYSE:APA). These stocks could all be volatile over the next few trading sessions as the daily chart patterns seem to resemble the OIH very closely.