OCCIDENTAL PETROLEUM CORP (NYSE:OXY) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NYSE:OXY.
Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.
Overall OXY gets a technical rating of 9 out of 10. Both in the recent history as in the last year, OXY has proven to be a steady performer, scoring decent points in every aspect analyzed.
Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:OXY this score is currently 8:
OXY has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 74.33. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 72.37, 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.
One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.
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.
Every day, new breakout setups can be found on ChartMill in our Breakout analyzer.
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