This Co. has has a interesting time in recent months, the will they wont they OPEC saga has made energy based shares volatile. The most recent rhetoric from today has been from Saudi Arabia who stated that they considered scrapping output cuts if Iran refuse to join in. Last week API and DOE crude oil inventories reported a large build which doesn't bode well for the stock price.

In regards to the chart the long term trend is bearish (D1) but more recently share price retraced after the output cut was announced. On the H1 chart price has made a lower high and the previous wave low has just been broken at the 2026 area which could confirm a change in trend. In regards to value we are at the bottom of the recent value range but could break into the lower mean price range between 1980 and 1900.

R5 Downward trendline
R4 2125.30
R3 2093.84
R2 Internal downtrend line
R1 2026.62
Current 2019.00
S1 1956.17
S2 1940.00
S3 Upward trendline
S4 1929.80


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