$OXY - like the markets.... i have trust issues. $OXY
I dont even want to offer a recommendation on this one. Why? Because the company is literally upside down with debt.
See article:
www.houstonchronicle.com
From my quick analysis, it appears that oil contract that closed Friday of last week ended sharply higher. This carried into the weekend with the OPEC meeting and then into Monday bringing euphoria back to the market that we could possibly continued oil cuts & market stabilization. Today the narrative was changed saying that there is trust issues between major suppliers as we watched Aramco jack their prices.
I would wait to see if the stock can stabilize at the bottom of this gap zone in the 19-20 dollar range before buying or adding more $OXY.
Oil is another sector that will be completely rocked if a "second wave" of the virus hits. We still have millions of gallons of oil floating in barges across the world. I wonder how much deeper negative oil prices would go if we shut down again.
If it does rise, i would use $25.50 as an entry point and $24 as a stop loss.
