Charts Bode Well for Oil Service Stocks

Tuesday, 13 Dec 2011 | 7:00 PM ET
Cramer: Oil Services 'Spinal Tap' Bottom?
Mad Money's Jim Cramer turns a technical eye on the OIH charts for investment opportunities in the oil services sector, as interpreted by Scott Redler, T3Live.com.

While Cramer doesn’t all out obey the charts, the “Mad Money” host definitely respects technical indicators. So on Monday’s broadcast, he took a closer look at the oil service stocks.

With the price of oil at more than $100 a barrel and considering increased demand thanks to China and India, as well as growing tensions in oil-producing Iran, Cramer thinks the oil service stocks should probably be trading higher. Yet these stocks were slammed Monday, along with the greater market.

So to get a better sense of what’s happening here, Cramer went “Off the Charts” and looked at the OIH exchange-traded fund. With the assistance of technician Scott Redier, Cramer was able to get a better read on this group’s future prospects. Check out the video to see the full report.

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