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Watch for Shares of Murphy Oil Corp (MUR) to Approach Resistance at $19.79

Oct 10, 2019 (SmarTrend(R) News Watch via COMTEX) --

Murphy Oil Corp (NYSE:MUR) has opened bullishly above the pivot of $19.27 today and has reached the first level of resistance at $19.55. Investors may be interested in a cross of the next upside pivot targets of $19.79 and $20.31.

Murphy Oil Corp share prices have moved between a 52-week high of $36.53 and a 52-week low of $17.04 and are now trading 13% above that low price at $19.30 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 0.9%.

Murphy Oil Corp has overhead space with shares priced $19.30, or 41.6% below the average consensus analyst price target of $33.07. The stock should run into initial resistance at its 50-day moving average (MA) of $20.64 and subsequent resistance at its 200-day MA of $25.16.

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.

Write to SmarTrend at cs@mysmartrend.com

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