High Above Average Volume on Oil States
Published on Tuesday, 19 June 2012 11:38 Written by TradersHuddle Wire
New York, June 19th (TradersHuddle.com) - Unusual high volume detected on shares of Oil States International, Inc. (NYSE:OIS) early in the trading session. The pace in volume of Oil States is already above average, with sellers in control, as the stock is 1.64% lower.
Oil States International, Inc. (NYSE:OIS) provides specialty products and services to oil and gas drilling and production companies. The Company supplies connection technology for offshore oil and gas development and production, distributes tubular goods, and furnishes hydraulic workover and well control services. Oil States also provides remote site accommodations, catering, and logistics.
Oil States has already traded 1.036 times its 3-month average volume and has calculated support and resistance at $64.47 and $68.43 respectively. Traders like to use volume as their lie detector for price action movement through predefined trading ranges.
The overall market index S&P 500 is trading higher by 0.91% from its previous trading close, which means that Oil States stock is underperforming the overall market.
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