Good technical signals and a possible breakout for OCCIDENTAL PETROLEUM CORP.

A possible breakout setup was detected on OCCIDENTAL PETROLEUM CORP (NYSE:OXY) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NYSE:OXY.

Technical Analysis Observations

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 consistent overall performance, although we see some doubts in the very recent evolution. In the medium time frame things are still looking good.

• The long term trend is positive and the short term trend is neutral. The long term trend gets the benefit of the doubt for now.
• When comparing the yearly performance of all stocks, we notice that OXY is one of the better performing stocks in the market, outperforming 98% of all 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 388 other stocks in this industry. OXY outperforms 92% 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, so some resistance may be found above.

How does the Setup look for NYSE:OXY

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. We see reduced volatility while prices have been consolidating in the most recent period. A pullback is taking place, which may present a nice opportunity for an entry. There is very little resistance above the current price. We notice that large players showed an interest for OXY in the last couple of days, which is a good sign.

How to trade NYSE:OXY?

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the 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.

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