1) Murphy Oil retraced and bounced above EMA50 support 2) Price retraced near to 0.382 Fibonacci level. 3) (14-day) Positive Directional Movement Index crossed above (14-day) Negative Directional Movement Index 4) Daily volume on the bounce is at 10.595 million, that is 2.19x as compared to average 50-day volume of 4.845 million. Daily volume that is at 1.5x or more as compared to 50-day volume average could be considered as heavy volume