• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Murphy Oil Corp (NYSE:MUR)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Murphy Oil Corp (NYSE:MUR) based on the price action in the company's shares. Today's price range of $26.10 and $26.47 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Murphy Oil Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Murphy Oil Corporation is a worldwide oil and gas exploration and production company with refining and marketing operations in the United States and the United Kingdom. The Company also has exploration and production activities in countries that include United States, Canada, the United Kingdom, Malaysia, and Ecuador. Murphy Oil has retail operations as well in the United States.

There is potential upside of 29.2% for shares of Murphy Oil Corp based on a current price of $26.16 and an average consensus analyst price target of $33.80. Murphy Oil Corp shares should encounter resistance at the 50-day moving average (MA) of $26.45 and support at its 200-day MA of $25.95.

Over the past year, Murphy Oil Corp has traded in a range of $22.21 to $35.19 and is now at $26.16, 18% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 5.3%.

SmarTrend recommended that its subscribers protect gains by selling shares of Murphy Oil Corp on January 31st, 2018 by issuing a Downtrend alert when the shares were trading at $32.45. Since that call, shares of Murphy Oil Corp have fallen 17.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle murphy oil corp

Ticker(s): MUR