NYSE:MUR may be ready to breakout.

Our stock screener has identified MURPHY OIL CORP (NYSE:MUR) as a potential breakout candidate. This technical breakout setup pattern occurs when the stock consolidates after a strong uptrend. While the actual breakout is uncertain, it may be worth keeping an eye on NYSE:MUR.

Zooming in on the technicals.

At ChartMill, a crucial aspect of their analysis is the assignment of a Technical Rating to each stock. This rating, ranging from 0 to 10, is calculated daily by considering numerous technical indicators and properties.

We assign a technical rating of 9 out of 10 to MUR. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, MUR is showing a nice and steady performance.

• Both the short term and long term trends are positive. This is a very positive sign.
• When comparing the yearly performance of all stocks, we notice that MUR is one of the better performing stocks in the market, outperforming 87% of all stocks.
• MUR is one of the better performing stocks in the Oil, Gas & Consumable Fuels industry, it outperforms 71% of 217 stocks in the same industry.
• MUR is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so MUR is lagging the market slightly.
• In the last month MUR has a been trading in the 44.04 - 47.31 range, which is quite wide. It is currently trading near the high of this range.

Our latest full technical report of MUR contains the most current technical analsysis.

Why is NYSE:MUR a setup?

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the level of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:MUR has a 9 as its setup rating, indicating its current consolidation status.

Besides having an excellent technical rating, MUR also presents a decent setup pattern. Prices have been consolidating lately. A pullback is taking place, which may present a nice opportunity for an entry. There is very little resistance above the current price. There is a support zone below the current price at 46.15, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for MUR in the last couple of days, which is a good sign.

How can NYSE:MUR be traded?

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

More breakout setups can be found in our Breakout screener.

Disclaimer

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.