Crude oil's near 5% tumble half-way through Thursday's trade only exacerbated the toll that falling prices have taken on leading energy stocks. Particularly hard hit has been the oil services sector, which can be followed via the VanEck Vectors Oil Services ETF (NYSE:OIH). At this point, the ETF is nearing major support on the charts.
One leading oil services stock that has fallen sharply is Schlumberger (NYSE:SLB). The stock has been falling since the start of 2017 when it traded as high as $87.84 a share. Today, SLB is trading around $70.55. Schlumberger has a very attractive support level around $70 — an area where the stock broke out in January 2016. Technicians know that past breakout points are often good support levels when retested.
