Read today's promising find and trading idea for the stock market.
The Chart of the Day belongs to Murphy Oil (MUR). I found the stock by using Barchart.com to find the “Barchart New Highs” page and then I clicked on pull-down to select stocks with new 52-week highs. I then viewed the stocks on the list with the FlipCharts feature. Murphy Oil on Thursday more than reversed Wednesday’s losses and surged by +11.61% to a new 2-1/2 year high. Murphy Oil was one of the very few stocks to post a new 52-week high on Thursday with the sharp 2.06% loss seen in the S&P 500 index. Further gains in Murphy Oil could indicate an upside breakout of the 2-1/2 year sideways consolidation range. Murphy Oil on Thursday rallied on news that it will pay $1.05 billion to buy control of U.S. Gulf of Mexico oil fields from Brazilian oil mammoth Petrobas. Barchart’s proprietary TrendSpotter trading system turned long on Thursday.
Murphy Oil Corporation is an independent exploration and production company with a strong, oil-weighted portfolio of global offshore and onshore assets with upside to our exploration program. Murphy Oil Corporation global offshore operations are balanced by a predictable North America onshore business. Exploration activities are focused in four main regions: Deepwater Gulf of Mexico, the Atlantic Margin, Southeast Asia and Australia.
