Will OCCIDENTAL PETROLEUM CORP breakout?

OCCIDENTAL PETROLEUM CORP (OXY)       69.45   -0.04 (-0.06%)


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Will OCCIDENTAL PETROLEUM CORP breakout?7 days ago - Chartmill

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.

OXY Daily chart on 2022-11-24

Technical Analysis Observations

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.

  • The short term is neutral, but the long term trend is still positive. Not much to worry about for now.
  • Looking at the yearly performance, OXY did better than 98% of all other stocks. On top of that, OXY also shows a nice and consistent pattern of rising prices.
  • OXY is part of the Oil, Gas & Consumable Fuels industry. There are 390 other stocks in this industry. OXY outperforms 93% of them.
  • OXY is currently trading in the upper part of its 52 week range. The market is still in the middle of its 52 week range, so OXY slightly outperforms the market at the moment.
  • In the last month OXY has a been trading in the 66.77 - 76.11 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.

Looking at the Setup

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.

Trading breakout setups.

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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