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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Murphy Oil (NYSE:MUR) based on the price action in the company's shares. Today's price range of $28.95 and $29.60 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. Traders and investors interested in shares of Murphy Oil may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 11.5% for shares of Murphy Oil based on a current price of $29.18 and an average consensus analyst price target of $32.54. The stock should discover initial support at its 50-day moving average (MA) of $26.45 and subsequent support at its 200-day MA of $25.95.

In the past 52 weeks, Murphy Oil share prices have been bracketed by a low of $14.30 and a high of $47.72 and are now at $29.18, 104% 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.

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 is tracking the current trend status for Murphy Oil and will alert subscribers who have MUR in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle murphy oil

Ticker(s): MUR