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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.

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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.

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