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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 $19.45 and $19.67 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 operates as an oil and gas exploration and production company in the United States, Canada, Malaysia, and internationally. It explores for and produces crude oil, natural gas, and natural gas liquids. The company was formerly known as Murphy Corporation and changed its name to Murphy Oil Corporation in 1964. Murphy Oil Corporation was founded in 1950 and is headquartered in El Dorado, Arkansas.

Murphy Oil Corp (NYSE:MUR) has potential upside of 68.9% based on a current price of $19.58 and analysts' consensus price target of $33.07. The stock should run into initial resistance at its 50-day moving average (MA) of $22.82 and subsequent resistance at its 200-day MA of $26.83.

In the past 52 weeks, shares of Murphy Oil Corp have traded between a low of $17.90 and a high of $36.53 and are now at $19.58, which is 9% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.3% while the 200-day MA has slid 0.7%.

SmarTrend is monitoring the recent change of momentum in Murphy Oil Corp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Murphy Oil Corp in search of a potential trend change.

Keywords: bearish inside day candle murphy oil corp

Ticker(s): MUR