Murphy Oil Corp. ( MUR) closed at a new high for the move up Monday and a few new price targets have become apparent. Let's check out the charts and indicators of the oil and natural gas exploration and production company to see what may lie ahead. 
In this daily bar chart of MUR, below, we can see that prices have surged higher from a July low. MUR is trading firmly above the rising 50-day moving average line and above the rising 200-day line. The 50-day line crossed above the 200-day line in September for a bullish golden cross buy signal. The On-Balance-Volume (OBV) line has moved sideways since May and is now close to making a new high for the move up to confirm the price gains. The trend-following Moving Average Convergence Divergence (MACD) oscillator is in a bullish alignment above the zero line.
In this weekly Japanese candlestick chart of MUR, below, we see a bullish picture. Prices are in a longer-term advance and trade above the rising 40-week moving average line. No top reversal patterns are in progress. The weekly OBV line and the MACD oscillator are constructive.
In this daily Point and Figure chart of MUR, below, we can see the upside breakout to a new high. A price target in the $80 area is now projected.
In this weekly Point and Figure chart of MUR, below, we can see the same $80 price objective.
Bottom line strategy: Traders could go long MUR on a dip back toward $46, risking to $41. The $60 and then $80 areas are our big price targets.
