There are a couple of stocks today that are looking a bit oversold, mostly in the oil services sector.

Halliburton (HAL: chart) is flirting with $30 per share after a split nearly a week ago and is quite attractive from looking at the chart. 

Schlumberger (SLB: chart) isn’t quite as attractive as Halliburton, but it’s also showing signs of being oversold by the street.

Weatherford International (WFT: chart) and Baker Hughes (BHI: chart) also fit the mold of being oversold, and both look like a good short term trade.

Oil prices ($wtic: chart) continue to ride the wave as a result of tensions in the Middle East, and natural gas ($natgas: chart) futures are on the rise in anticipation of higher demand due to the latest heat wave.  Look for the natural gas inventory on Thursday to see how bad the damage really is.

Gasoline futures ($gaso: chart) are also on the rise, and the increase in price at the pump hasn’t seemed to curtail demand, as evidenced by an increase in consumption by 2% over the 4th of July week compared to last year, even though prices were significantly higher.

With all this in mind, I think there is continuing demand for oil service stocks such as HAL and SLB, and considering their currently oversold state, it might be time to get in for a quick trade.

Disclosure: I own none of the stocks mentioned

Investing, Stock Thoughts