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.

For more news and strategy on the Oil ETF market, visit our Oil category.

Market Vectors Oil Services ETF