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Watch for Murphy Oil Corp to Potentially Pullback After Gaining 1.56% Yesterday

Jan 14, 2020 (SmarTrend(R) News Watch via COMTEX) --

Murphy Oil Corp (NYSE:MUR) traded in a range yesterday that spanned from a low of $27.28 to a high of $27.82. Yesterday, the shares gained 1.6%, which took the trading range above the 3-day high of $27.48 on volume of 453,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Over the past year, Murphy Oil Corp has traded in a range of $17.04 to $31.13 and is now at $27.52, 62% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.8%.

SmarTrend recommended that subscribers consider buying shares of Murphy Oil Corp on November 1st, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $21.64. Since that recommendation, shares of Murphy Oil Corp have risen 26.2%. We continue to monitor MUR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Write to SmarTrend at cs@mysmartrend.com

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