Holding weekly cloud, stop below. Also major consolidation above 2016 lows.
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.
Stochastic divergence channel line bounce. Should follow through and move to the top of the channel.
So I consider todays fall as a consolidation.
... after alltime low, i.e. no forecast possible. One can only assume that the energy values are knocked out and Murphy shall fall further.
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