Murphy Oil (MUR) Just Overtook the 50-Day Moving Average

From a technical perspective, Murphy Oil (MUR) is looking like an interesting pick, as it just reached a key level of support. MUR recently overtook the 50-day moving average, and this suggests a short-term bullish trend.

The 50-day simple moving average, which is one of three major moving averages, is widely used by traders and analysts to establish support and resistance levels for a range of securities. Because it's the first sign of an up or down trend, the 50-day is considered to be more important.

Over the past four weeks, MUR has gained 5.2%. The company is currently ranked a Zacks Rank #1 (Strong Buy), another strong indication the stock could move even higher.

The bullish case solidifies once investors consider MUR's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 6 higher, while the consensus estimate has increased too.

Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on MUR for more gains in the near future.

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