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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. Yesterday's price range of $19.44 and $19.85 is within the prior day'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.

There is potential upside of 67.3% for shares of Murphy Oil Corp based on a current price of $19.76 and an average consensus analyst price target of $33.07. Murphy Oil Corp shares should first meet resistance at the 50-day moving average (MA) of $22.82 and find additional resistance at the 200-day MA of $26.83.

Over the past year, Murphy Oil Corp has traded in a range of $17.90 to $36.53 and closed yesterday at $19.76, 10% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has declined 1.3%.

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.

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 am inside day candle murphy oil corp

Ticker(s): MUR