Occidental Petroleum: Is it Time to Go Back to the Well?
Occidental Petroleum is the biggest gainer in the S&P 500 this year, but was the biggest decliner last week. Is the dip an opportunity for the bulls?
The first pattern on today’s chart is the surge to a new 52-week high in late August. It is one of only 12 S&P 500 members to hit a new high in the last two weeks (and the only energy company.) That relative strength may reflect interest by large investors.
Second, the dip since then has bought OXY back to its 50-day simple moving average (SMA). Notice how that line was support in the spring and resistance over the summer. Can it bounce there again?
The stock is also back to the $64 area where it peaked in July and paused before breaking out in August. Some traders could now view that price zone as potential support.
Next, you have an outside day on Thursday and an inside day (with a hammer) on Friday. That may suggest OXY is attempting to stabilize.
Fourth, the succession of higher lows in June, July and August could suggest its longer-term uptrend remains in effect.
Finally, stochastics have dipped to an oversold condition.
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The first pattern on today’s chart is the surge to a new 52-week high in late August. It is one of only 12 S&P 500 members to hit a new high in the last two weeks (and the only energy company.) That relative strength may reflect interest by large investors.
Second, the dip since then has bought OXY back to its 50-day simple moving average (SMA). Notice how that line was support in the spring and resistance over the summer. Can it bounce there again?
The stock is also back to the $64 area where it peaked in July and paused before breaking out in August. Some traders could now view that price zone as potential support.
Next, you have an outside day on Thursday and an inside day (with a hammer) on Friday. That may suggest OXY is attempting to stabilize.
Fourth, the succession of higher lows in June, July and August could suggest its longer-term uptrend remains in effect.
Finally, stochastics have dipped to an oversold condition.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. You Can Trade, Inc. is also a wholly owned subsidiary of TradeStation Group, Inc., operating under its own brand and trademarks. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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