Close to the 200 Day - Murphy Oil

Published on Friday, 27 January 2012 05:36 Written by Christian Paolinetti

New York, January 27th (TradersHuddle.com) - Shares of Murphy Oil Corporation (NYSE:MUR) traded at $61.91 close to its 200 day moving average currently set at $58.81. Murphy Oil's price action is just above this key support level, and it will certainly raise traders attention, as a possible trading opportunity.

Murphy Oil Corporation (NYSE:MUR) engages in the exploration and production of oil and gas properties worldwide. It operates in two segments: Refining and marketing and Exploration and production. The Refining and marketing segment consists of refining crude oil and other feedstock into petroleum products such as gasoline and distillates. The Exploration and production segment explores and produces crude oil, natural gas and natural gas liquids. The products are marketed under the brand name of Murphy USA and SPUR.

Latest price action range, defined by a peaks and troughs algorithm places calculated support at $58.26 and calculated resistance at $61.55. These levels will certainly be watched by traders, as they provide insight into the latest price dynamics defined by Murphy Oil stock.

Traders wanting to establish a position on Murphy Oil will be looking at the price action for evidence of buying near the 200 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.