This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Technicals Are Weakening for Oil-Service Stocks

NEW YORK (TheStreet) -- The technical patterns for stocks of companies in the oil-services industry are largely negative, even though eight of the 10 oil-service companies profiled here beat analysts' earnings-per-share estimates for the second quarter.

Six of the stocks have double-digit gains year to date, and four have double-digit losses.

Before profiling the specific stocks, let’s take a look at the daily chart for the front- month Nymex crude oil contract.

8 Stocks George Soros Is Buying in 2014

Courtesy of MetaStock Xenith

Crude oil ended 2013 at $98.42 and closed Wednesday at $97.38, down 1% year to date. As the chart shows crude oil is below its 21-day, 50-day and 200-day simple moving averages at $100.06, $102.62 and $99.77, respectively.

The year-to-date range is from $91.24 on Jan. 9 to $107.68 on June 13. The high was a test of an annual risky level at $107.52.

You can take a look at the weekly chart for crude oil in my Aug. 7 post. Chevron (CVX) and Exxon Mobil (XOM) show how crude oil has been trading back and forth around its 200-week simple moving average at $96.11 as the long-term reversion to the mean.

Put another way increased supply and reduced demand in a sluggish economy have offset the geopolitical risks in Iraq, Israel and Ukraine.

Gold Demand Shrinks a Year After the Infamous Market Collapse

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
RIG $10.73 6.60%
WFT $5.69 0.35%
FB $119.25 1.20%
GOOG $708.50 1.00%
TSLA $215.58 1.90%


Chart of I:DJI
DOW 17,685.39 +24.68 0.14%
S&P 500 2,046.99 -3.64 -0.18%
NASDAQ 4,701.3840 -15.71 -0.33%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs