By Mill Chart
Last update: Aug 17, 2023
Our stockscreener has identified a possible breakout setup on OCCIDENTAL PETROLEUM CORP (NYSE:OXY). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NYSE:OXY for potential opportunities.
ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.
Overall OXY gets a technical rating of 8 out of 10. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, OXY is only an average performer.
Our latest full technical report of OXY contains the most current technical analsysis.
ChartMill takes into account not only the Technical Rating but also assigns a Setup Rating to each stock. This rating, on a scale of 0 to 10, reflects the degree of consolidation observed based on short-term technical indicators. Currently, NYSE:OXY exhibits a 9 setup rating, indicating its consolidation status in recent days and weeks.
Besides having an excellent technical rating, OXY also presents a decent setup pattern. Prices have been consolidating lately. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 65.18. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 61.80, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.
A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.
This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.
Our Breakout screener lists more breakout setups and is updated daily.
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.
OCCIDENTAL PETROLEUM CORP
NYSE:OXY (4/26/2024, 7:08:33 PM)
After market: 67.78 0 (0%)67.78
-0.1 (-0.15%)
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