Given OIH’s recent surge, investors should keep an eye on the ETF’s chart over the near-term.
“Currently we sit above the 40 week MA which is 27.27, a close above that level would favor the bullish argument for OIH. The next levels of significant resistance should price action continue higher are 30-32. The conclusion is that the near term trend is up and may be potentially developing into a longer term trend. This week’s close should offer important insight,” according to See It Market.
Related: Oil Services ETFs Get Their Groove Back
As a cap-weighted ETF, OIH devotes a significant portion of its weight to Schlumberger (NYSE: SLB) and Halliburton (NYSE: HAL), the world’s two largest providers of oilfield services.
PXJ follows a fundamentally weighted index, which selects stocks based on price momentum, earnings momentum, quality, management action, and value. Importantly, that methodology steers PXJ away from the large weightings to a small number of stocks as is seen in rival oil services ETFs.
Market Vectors Oil Services ETF
