Will OCCIDENTAL PETROLEUM CORP breakout?

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.

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.

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