Charts Bode Well for Oil Service Stocks

Cramer: Oil Services 'Spinal Tap' Bottom?
Cramer: Oil Services 'Spinal Tap' Bottom?   

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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