Mcmoran Exploration (MMR) is one of my favourite oil exploration stocks, its very volatile, but its also a fair representation of the oil exploration sector.
MMR, daily - near term
MMR, daily, 4yr
Summary
This is a very clear bear flag (pink) on the daily chart. First target is a break of previous low of 7.80, which opens up $7....but that won't hold.
Secondary targets are $6, and $5. I would guess MMR hits $5 as early as end July/early August.
Its one to watch!