Our stock screener has spotted OCCIDENTAL PETROLEUM CORP (NYSE:OXY) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:OXY.
ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.
We assign a technical rating of 8 out of 10 to OXY. In the last year, OXY was one of the better performers, but we do observe some doubts in the very recent evolution.
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 8 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. 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 74.33. Right above this resistance zone may be a good entry point. We notice that large players showed an interest for OXY in the last couple of days, which is a good sign.
A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.
Of course, there are many ways to trade or not trade NYSE:OXY and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.
Our Breakout analyzer lists more breakout setups and is updated daily.
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