The question on everyone's mind: Will OCCIDENTAL PETROLEUM CORP breakout?

Our stock screener has detected a potential breakout setup on OCCIDENTAL PETROLEUM CORP (NYSE:OXY). This breakout pattern is observed when a stock consolidates following a strong upward movement. It's important to note that this pattern is based on technical analysis, and the actual breakout outcome is uncertain. However, it might be worth keeping an eye on NYSE:OXY.

What is the technical picture of NYSE:OXY telling us.

ChartMill employs a sophisticated system to assign a Technical Rating to every stock in its analysis. This rating, which ranges from 0 to 10, is determined by carefully assessing multiple technical indicators and properties.

We assign a technical rating of 8 out of 10 to OXY. Although OXY is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

• The long and short term trends are both positive. This is looking good!
• In the last month OXY has a been trading in the 58.97 - 64.53 range, which is quite wide. It is currently trading near the high of this range.
• When compared to the yearly performance of all other stocks, OXY outperforms 60% of them, which is more or less in line with the market.
• OXY is an average performer in the Oil, Gas & Consumable Fuels industry, it outperforms 44% of 218 stocks in the same industry.
• OXY is currently trading in the middle of its 52 week range. The S&P500 Index however is trading in the upper part of its 52 week range, so OXY is lagging the market slightly.

Check the latest full technical report of OXY for a complete technical analysis.

How do we evaluate the setup for NYSE:OXY?

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:OXY scores a 9 out of 10:

Besides having an excellent technical rating, OXY also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 63.76. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 62.74, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for OXY in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.

Trading breakout setups.

One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation zone.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Disclaimer

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.