MMR - bouncing within a giant bear flag

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!