Oil services stocks edged higher today, with the
Philadelphia Stock Exchange Oil Services Sector Index
breaking through its 200-day moving average, and
leading the way.
Halliburton traded up recently by 3.9% to $43.41. The oil services provider "looks great," said Todd Gold, a technical strategist at
. "Your next resistance is at 45, and after that there's nothing until 50." Halliburton has been climbing steadily since the beginning of April, gaining 28.9% through the end of last week.
Halliburton's move is enough to lead the rest of the index higher, Gold said. Sector counterparts
and Cooper Cameron are also gaining on the day. Cooper Cameron climbed 1.7% to $65.79, while Schlumberger rose 2% to $63.18.
The oil services index, or OSX, has gained more than 17% since April 3. "The OSX has been stumbling around between moving averages," Gold said. "I don't see anything particularly bullish there." Mike Hurley, a technical analyst at
said the next resistance level for the OSX is at 140. The index currently stands at 124.93, up 2.8% on the day.
Other members of the sector also attracted buying interest. Offshore energy services concern
recently gained 3.1% to $46.62.
Transocean Sedco Forex
rose 2.2% to $51.01, and
gained 1.8% to $77.30.
Gold said that while he doesn't see a "wildly bullish" chart on the oil services group, he is "bullish on these stocks" over the longer term.