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Occidental Petroleum Corp (Extended Hours)

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OXY trade ideas

Occidental Petroleum Stock Finds Support at Fibonacci RetracemenOccidental Petroleum Corporation (OXY) is a leading oil and gas company that operates in the United States and internationally. The company's stock has been performing well in recent months, with the price rising from a low of $59.51 in early May to a high of $75.50 in late May. One way to analyze the stock's price movements is by using the Fibonacci retracement tool. This technical analysis tool is based on the Fibonacci sequence, which is a series of numbers where each number is the sum of the two previous numbers. The most commonly used Fibonacci retracement levels are 23.6%, 38.2%, 50%, 61.8%, and 78.6% . On the OXY chart, the Fibonacci retracement levels are drawn from the recent high of $75.50 to the recent low of $59.51. The 38.2% retracement level is at $64.17, which is the current price of OXY stock. This suggests that the stock is finding support at this level. If the stock breaks below this level, it could fall to the next Fibonacci retracement level at $62.50. If the stock can break above the 38.2% retracement level, it could continue to rise to the next Fibonacci retracement level at $65.00. A break above this level would be bullish for OXY stock. It is important to note that Fibonacci retracement levels are not perfect predictors of future price movements. However, they can be useful tools for identifying potential support and resistance levels. Investors and traders can use this information to make informed decisions about buying or selling the stock. In addition to technical analysis, it is also important to consider fundamental analysis when evaluating a stock. This includes looking at the company's financial statements, such as its income statement, balance sheet, and cash flow statement, as well as its industry trends and competitive landscape. By combining technical and fundamental analysis, investors and traders can make more informed decisions about their investments. Conclusion: Overall, the Fibonacci retracement tool can be a useful tool for analyzing stock price movements. While it is not a perfect predictor, it can provide valuable insights into potential support and resistance levels. By combining technical and fundamental analysis, investors and traders can make more informed decisions about their investments.
NYSE:OXY
by stocktechbot
Occidental Petroleum: The Bulls are back! 🐂In the Occidental Petroleum chart, bulls have displayed renewed strength since early September, which needs to be sustained. The turquoise wave B is expected to reach higher, stopping just shy of the $77.13 resistance level. Following this peak, substantial declines are anticipated, potentially dropping below $54.35. Should the price manage to break above the resistance, though we deem it only 34% likely, it would overshoot the turquoise wave alt.B. However, this doesn't alter the bearish outlook that follows.
NYSE:OXYLong
by MarketIntel
$OXY - Rising Trend Channel🔹Breakout resistance at 65.90, indicating a potential further rise, and potential support at 65.90 in case of NEGATIVE reactions. 🔹POSITIVE volume balance indicates higher volume on rising days. 🔹The RSI curve indicates a positive trend, indicating a rising trend. 🔹Technically POSITIVE for the short term. Chart Pattern: ◦ DT: Double Top | BEARISH | 🔴 ◦ DB: Double Bottom | BULLISH | 🟢 ◦ HNS: Head & Shoulder | BEARISH | 🔴 ◦ REC: Rectangle | 🔵 ◦ iHNS: inverse head & Shoulder | BULLISH | 🟢 Verify it first and believe later. WavePoint ❤️
NYSE:OXYLong
by wavepoint99
Rotation out of tech into energySure tech can have another couple % up as the rotation is underway, but this chart looks quite convincing to me especially with the weekly bullish div on the macd. Then we have a bullish engulfing weekly candle... Atop of that, last week Cramer said this oil rally should be faded. Buffet has been buying (oxy). Although he is not an immediate reversal signal, it shows that the valuation of these companies is at a good area in his eyes. I would love a small pullback tomorrow but I am not sure we get that. The entry now is not bad, the stoploss would be below the channel which is only 5% loss ish, for an implied 30+% move up.
NYSE:OXYLong
by MikeMM
4
Still bullish on Crude & OXYIm going to try and post this a THIRD time now, as you can see from the first post on June 26th & June 28th. Apparently you cant utilize the Twitter post feature on charts because its solicitation or advertisement, even though im just using the timestamps to show I actually called it publicly like I am stating here. ========================================================== "Ive been looking at AMEX:XLE and NYMEX:CL1! lately and becoming more bullish for multiple reasons, specifically on NYSE:OXY OPEC supply cuts and Geopolitical tensions with BRICS nations could cause supply uncertainty The US Strategic Petroleum Reserve's have been drained Tech exhaustion is setting in and I believe buyers will rotate into Energy Trading well after breaking $70/bbl WTI 50DMA is $73.45 CTA flows are skewed to the upside OXY 52w low 55.51 - 52w high 77.13 (todays open - 56.15) price-to-sales ratio in 2016 was 5.5 and is currently 1.54 now Berkshire keeps buying more and now owns 24.97% of OXY So my thesis is a mixture of macro, fundamental and technical indications. The risk-to-reward ratio was there for me so I went long at 1030am on the pullback 6/26/23 and add more on 6/27/23 on the big pullback. XLE was the leading sector by a mile today. It needs to clear 58 and 58.75 for a continuation higher. The chart below illustrates all the timed purchases by Birkshire(Warren Buffet) and the amount of money in each order. As you can see, he buys around the same exact levels for the past year." ========================================================== NYSE:OXY is currently sitting at 62.66, up roughly 11.6% since my original post 28days ago. NYMEX:CL1! made a high of 79.28 today, up roughly 15.38% since my original post 28 days ago. I believe it will be a slow grind from here to 82, but that break upwards needs to happen for continuation. I maintain my thesis on Crude and the rising tension in the GeoPolitical climate and how it will affect its price. The Saudis maintain their resolve to lessen production in accordance with OPEC. I have theories relating to this one on a potential good trading setup which I will post later. That is all for now.
NYSE:OXYLong
by d3f4ult
OXY breakdown is clearJust over 6 months ago, OXY was flagged to technically not do the expected rally as it broke down of the H&S shoulder. Many had bought in following the reported Berkshire's purchases of OXY , BUT technicals was telling of another type of scenario. Watching the breakdown was rather painful as it stretched over the last 6 months, with a recovery attempt that failed the shoulder line the second time, as if not clear enough. Finally, this week closed below the channel trendline (adjusted from previous analyses). Furthermore, this is the 52 week second lowest weekly close... good enough to tell that it will be the 52 week lowest close soon. Technicals are bearish, not very but clearly. Therefore, more downside is expected up till October and looking at a target of 50. The bearish marubozu may be indicating the rather strong downward momentum too. Point here is that it was clear and heads up given 6 months earlier. Now, we take delivery. Also note that the USD appears to be strengthening (a lot?) and this can push the breakdown further and faster. The overall equity markets are overbought, and if it is time for a retracement, then OXY can be affected further. Heads up... again.
NYSE:OXYShort
by Auguraltrader
Bullish Reversal Expected for Occidental Petroleum (OXY) NYSE:OXY Occidental Petroleum (OXY) experienced a sell off on May 8th, with a decrease of $1.73 (-2.85%). The stock has a very strong support level at $58.64, and I believe that if OXY reaches this level or falls slightly below it, a bullish reversal is likely. This pattern is similar to what happened on May 4th, 2023. Traders should also be aware that OXY is scheduled to report earnings after the closing bell tomorrow. We anticipate a potential bounce for OXY at the strong support level of $58.64. If the stock hits this level or falls slightly below it, we expect a reversal to the upside, similar to the price action observed on May 4th, 2023. Our target prices for this bullish reversal are: 1. Target Price 1: $60.11 2. Target Price 2: $61.16 Occidental Petroleum is set to release its earnings report after the bell tomorrow. This event could introduce additional volatility and impact the stock's price in either direction. Traders should monitor the situation closely and be prepared to adjust their strategies based on the earnings results. In summary, this trading idea suggests a bullish reversal for Occidental Petroleum (OXY) at the strong support level of $58.64, based on the technical analysis from May 8th. However, traders should be cautious and prepared to adjust their strategies in response to the company's earnings release tomorrow, which could lead to increased volatility in the stock's price. As always, it is essential to manage risk and maintain proper trading discipline when executing any trading idea.
NYSE:OXYLong
by TicksandWicks22
OXY longBuffet name, pretty good value name in this environment Insiders buying pretty heavy fundamentally, - operating margin was up significantly in 2022 at an average of 36.6 - net income up huge over the last 6 years average - assets to liabilities is solid: ~75b in assets, ~45b in liabilities - free cash flow up significantly last year, and well over 6yr average - p/e is an avg of 5, p/cf is an avg of 3.75 for '22 technically, - long term vwap anchored to the last higher low before '22 regime change acting as weekly support - weekly RSI getting close to bottoming territory
NYSE:OXYLong
by taylorbray
1