Murphy Oil Corp

By root | May 19, 2008 AAA

For today's chart we've chosen to take a look at Murphy Oil Corp. (NYSE:MUR) because it recently climbed above an influential level of resistance. As you can see from the chart below, the $93.25 level prevented the rally from moving higher in April. We expect to see this previous level of resistance now become support in the event of a pullback.

The move above the swing high is also confirmed by a bullish MACD crossover. This technical buy sign will likely add to the buying pressure and we expect the bulls to remain in control of the direction until the price closes below the horizontal trendline.

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