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Murphy Oil Corp (MUR) Breaks Through Support at $20.85

By Shiri Gupta

Shares of Murphy Oil Corp (NYSE:MUR) have bearishly opened below the pivot of $21.27 today and have reached the first support level of $20.85. Investors may be interested in a cross of the next downside pivot targets of $20.35 and $19.43.

Potential upside of 60.0% exists for Murphy Oil Corp, based on a current level of $20.67 and analysts' average consensus price target of $33.07. The stock should run into initial resistance at its 50-day moving average (MA) of $21.41 and subsequent resistance at its 200-day MA of $26.02.

Over the past year, Murphy Oil Corp has traded in a range of $17.04 to $36.53 and is now at $20.67, 21% above that low. The 200-day and 50-day moving averages have moved 0.92% lower and 2.1% lower over the past week, respectively.

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: pivot alerts murphy oil corp

Ticker(s): MUR