To follow-up on previous calls (or rather puts) on oil sector companies I would like to highlight this week MURPHY OIL CORP. (NYSE: $MUR) that is making a clear breakdown.
– Sell at market
– Stop-loss above $28 (previous top marked with red arrow)
– Target: Previous low @ ca. $13
In the mean time EXXON MOBIL CORP. (NYSE : $XOM) is attempting to retest the broken support line now turned resistance. The bear scenario remains valid as long as the 30-Week moving average remains oriented negatively.
On the contrary at the close of the week BP P.L.C. (NYSE: BP) preserved the rising support line of the contracting triangle pattern. Therefore the bear case is not yet activated inasmuch the moving average seems to turn neutral.