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 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.
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.
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.
American Express, one of the world's top credit card companies, has also long been a favorite of Berkshire Hathaway CEO Warren Buffett.
Portfolio concentration has been a big key to Berkshire Hathaway's ongoing outperformance.
These seven bargain stocks are much more favorable from a risk/reward standpoint than many growth plays in this uncertain market.
These leading energy stocks are poised to outperform should crude oil prices go on another big run in 2023.
Dozens of stocks opened at prices well above or below their prior day closing prices. Most were halted shortly after the open.
Berkshire Hathaway's strategy worked to perfection in 2022.
The company is leveraging its existing assets and expertise to capitalize on an opportunity.
HOUSTON, Jan. 20, 2023 (GLOBE NEWSWIRE) -- Occidental (NYSE:OXY) announced today that Claire O'Neill, former Member of Parliament and Minister for Energy...
Occidental Petroleum, KB Home, and the home-furnishings company RH highlight the issue.