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An oil drilling platform is shown in a file photo.

REUTERS

Murphy Oil Corp. declined from the high of $78.16 in April, 2011 (A), and settled in a bullish technical pattern known as a "W" formation (dashed lines). Recent price action suggests that the stock is on the verge of a breakout above the neckline of this pattern (B – dotted line); a sustained rise above $65-$66 would confirm it. Only a decline below $59-$60 would suggest additional base-building is required. A sustained rise above $65-$66 would signal Point & Figure targets of $74 and $79. The large "W" formation (dashed lines) supports higher targets.

Monica Rizk is the senior technical analyst for Phases & Cycles Inc. (www.phases-cycles.com). Ron Meisels is a contributor to the www.NA-marketletter.com website and Tweets at @Ronsbriefs. They may hold shares in companies profiled. Please see the site for a glossary.

Chart source: www.decisionplus.com

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About the Authors
Senior Technical Analyst at Phases & Cycles Inc.

Monica Rizk, Senior Technical Analyst, has a Bachelor's degree in Business Administration and completed the Canadian Securities Institute course. She has been with Phases & Cycles since September 2000 and specializes in the research of Canadian and US stocks using Point & Figure as well as bar chart analysis. More

President of Phases & Cycles Inc.

Ron Meisels, President, Phases & Cycles Inc., has been active as an Analyst since 1971. He was Vice President and Director of Technical Research of Nesbitt Thomson (now BMO Nesbitt Burns) from 1982 to 1990. He was ranked among the top three technical analysts by Canadian Institutions for six consecutive years (Brendan Wood Survey). More

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