NYSE:OXY may be ready to breakout.

We've identified OCCIDENTAL PETROLEUM CORP (NYSE:OXY) as a potential breakout candidate based on our stock screener's analysis. This breakout setup pattern suggests that after a strong uptrend, the stock is currently consolidating, potentially signaling a continuation of the trend. Keep an eye on NYSE:OXY for further developments.

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

As part of its analysis, ChartMill provides a comprehensive Technical Rating for each stock. This rating, ranging from 0 to 10, is updated on a daily basis and is based on the evaluation of various technical indicators and properties.

Overall OXY gets a technical rating of 8 out of 10. 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!
• When comparing the performance of all stocks over the past year, OXY turns out to be only a medium performer in the overall market: it outperformed 54% of all stocks.
• 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.
• In the last month OXY has a been trading in the 60.03 - 66.03 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

Our latest full technical report of OXY contains the most current technical analsysis.

How does the Setup look for NYSE:OXY

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 8 setup rating, indicating its consolidation status in recent days and weeks.

OXY has an excellent technical rating and 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.

Trading breakout setups.

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.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

More breakout setups can be found in our Breakout screener.

Keep in mind

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.