Oil & Gas Sector Update 06/10/11

The Oil & Gas Sector has been one of the weakest performing areas of the market in today's trading session, currently 1.6% lower on the day. A plunge 2.7% plunge in NYMEX crude oil futures is fueling the decline. The worst performing stocks in the S&P Oil & Gas Sector currently are: 1) Baker Hughes BHI; Shares of Baker Hughes are currently down 3% from yesterday's close to $72.46. The stock is looking to break below its 50-day simple moving average (one year daily chart). Shares have significant support at the $72 level. After $72, no support comes into play until $68. 2) National Oilwell Varco NOV: Shares of National Oilwell Varco are currently trading down 2.7% from yesterday's close to $71.06. The stock has significant support around the $70.60 level. If shares break below that level, no support comes into play until $65.40. 3) Hess Corporation HES: Shares of Hess Corporation are currently down 2.6% from yesterday's close to $73.15. The stock has broken below its 200-day simple moving average (one year daily chart) in today's session. Hess has strong support at $72.49. If shares break below that level, no support comes into play until $67.70. 4) Helmerich & Payne HP: Shares of Helmerich & Payne are currently down 2.6% from yesterday's close to $60.92. The stock has recently failed numerous times to break above its 50-day simple moving average (one year daily chart). A test of the $57.50 level appears imminent. 5) Devon Energy DVN: Shares of Devon Energy are currently down 2.5% from yesterday's close to $79.38. The stock has broken below key support at $80.15 in today's session. A test of the 200-day simple moving average ($78.17 on a one year daily chart) appears likely.