Will OCCIDENTAL PETROLEUM CORP breakout?

OCCIDENTAL PETROLEUM CORP (OXY)       66.54   -0.55 (-0.82%)

After market: 66.78 +0.24 (+0.36%)


News Image
Will OCCIDENTAL PETROLEUM CORP breakout?2 months ago - Chartmill

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.

OXY Daily chart on 2022-11-29

Technical Analysis Observations

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 8 out of 10. 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 one of the better performing stocks in the Oil, Gas & Consumable Fuels industry, it outperforms 92% of 388 stocks in the same industry.
  • 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.

How do we evaluate the setup for NYSE:OXY?

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NYSE:OXY currently has a 8 as setup rating:

Besides having an excellent technical rating, OXY also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. 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.

Trading setups like 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.

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.

Our Breakout analyzer lists more breakout setups and is updated daily.

Back

OXY Links

OXY News

News Image8 hours ago - Yahoo FinanceHow Warren Buffett's Berkshire Hathaway came to own 20% of American Express

American Express, one of the world's top credit card companies, has also long been a favorite of Berkshire Hathaway CEO Warren Buffett.

News Image3 days ago - The Motley Fool80% of Warren Buffett's Portfolio Is Invested in These 7 Stocks

Portfolio concentration has been a big key to Berkshire Hathaway's ongoing outperformance.

News Image4 days ago - InvestorPlace7 Bargain Stocks to Buy as a New Bull Market Emerges

These seven bargain stocks are much more favorable from a risk/reward standpoint than many growth plays in this uncertain market.

News Image4 days ago - InvestorPlace7 Energy Stocks to Buy as a New Bull Market Emerges

These leading energy stocks are poised to outperform should crude oil prices go on another big run in 2023.

News Image5 days ago - Market News VideoNotable Tuesday Option Activity: OXY, INTU, SRPTNews Image5 days ago - Market News VideoTuesday Sector Laggards: Healthcare, EnergyNews Image5 days ago - CNBCNYSE's Tuesday trading glitch explained — Why some of the trades may be busted

Dozens of stocks opened at prices well above or below their prior day closing prices. Most were halted shortly after the open.

News Image6 days ago - The Motley FoolWarren Buffett Just Beat the S&P 500 by the Widest Margin Since 2007. Can He Do It Again in 2023?

Berkshire Hathaway's strategy worked to perfection in 2022.

News Image8 days ago - The Motley FoolKinder Morgan Takes Its First Step Toward Capturing This Multitrillion-Dollar Opportunity

The company is leveraging its existing assets and expertise to capitalize on an opportunity.

News Image9 days ago - OccidentalClaire O'Neill Elected to Occidental Board of DirectorsNews Image9 days ago - OccidentalClaire O'Neill Elected to Occidental Board of Directors

HOUSTON, Jan. 20, 2023 (GLOBE NEWSWIRE) -- Occidental (NYSE:OXY) announced today that Claire O'Neill, former Member of Parliament and Minister for Energy...

News Image9 days ago - Barron'sCompanies' Profit Margins Are Starting to Fall. Watch These Stocks.

Occidental Petroleum, KB Home, and the home-furnishings company RH highlight the issue.

Follow us for more