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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Murphy Oil (NYSE:MUR) based on the price action in the company's shares. Today's price range of $28.80 and $29.64 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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Murphy Oil have traded between a low of $14.30 and a high of $47.72 and are now at $28.84, which is 102% above that low price. The 200-day and 50-day moving averages have moved 0.31% lower and 5.25% higher over the past week, respectively.

There is potential upside of 12.8% for shares of Murphy Oil based on a current price of $28.84 and an average consensus analyst price target of $32.54. The stock should find initial support at its 50-day moving average (MA) of $26.45 and further support at its 200-day MA of $25.95.

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.

SmarTrend recommended that subscribers consider buying shares of Murphy Oil on August 8th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $28.70. Since that recommendation, shares of Murphy Oil have risen 3.7%. We continue to monitor MUR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle murphy oil

Ticker(s): MUR