Inverted HS within symmetrical triangle. Neckline has been penetrated and closed above 3% of NL showing pattern valid. After nice retrace within 4% of NL its ready to resume trend. Upside potentioal > 19% or $5.5 increase.
Murphy Oil is in a consolidation pattern at the high of a very bullish run
Bullish Scenario: MUR clears 67.07 heading for target area at 73 and extends the move
Bearish Scenario: a failure of 65.70 would indicate the possibility of further selling as it pulls back towards support in the 60 area
Murphy Oil Corporation (Murphy) is an oil and gas exploration and production company. The Company's exploration and production business explores for and produces crude oil, natural gas and natural gas liquids across the world. Its exploration and production activities are subdivided into three geographic segments: the United States, Canada and all other countries. It explores for and produces crude oil, natural gas and natural gas liquids around the world. This business maintains upstream operating offices in several locations around the world, including Houston, Texas, Calgary, Alberta, and Kuala Lumpur.
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MUR
