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Tullow Oil (Q2 update 27 June)
Ghana-related production concerns seem to have subsided for Tullow Oil, with production expected to keep rising as the year goes on. The shares continue to look attractive on relative valuation grounds, at just 10.6 times forward earnings versus a 21.2 times two-year average. A brighter outlook thanks to the Organisation of the Petroleum Exporting Countries (OPEC) should mean that oil prices will provide a supportive cushion heading into the rest of 2018 and into 2019.
Tullow shares found support around 223p in June, and a move above 236p would suggest that a new higher low has been created, with a move to 280p looking likely. The shares have been steadily rising since the nadir back in June, bolstered by the rising price of oil. A close below 223p would create a more bearish short-term view.