Crude has broken out of zone and touched new 52 Week highs of $80. The same strength should reflect in the oil stocks for the oil to trade at new highs.
The normalising graph of CL1 and Exxon shows that the oil stocks in US are lagging the oil movement.
Exxon (XOM) after breaking out quickly gave up all the gains and is back to zone range again.
If this divergence persists than the oil rally will be in danger.
Also note the continuous underperfomance of Exxon to Oil from March lows. The same kind of divergence was there when oil touched the $145 mark.
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