Box on OXYThe daily chart sees rising lows and a nice box above the ema 50.
The ema 21 is coming to create a bullish crossover that will be confirmed in case of breakout of the box.
OPC trade ideas
OCCIDENTAL PETROLEUM Stock Chart Fibonacci Analysis 022124Trading Idea
1) Find a FIBO slingshot
2) Check FIBO 61.80% level
3) Entry Point > 60/61.80%
Chart time frame : B
A) 15 min(1W-3M)
B) 1 hr(3M-6M)
C) 4 hr(6M-1year)
D) 1 day(1-3years)
Stock progress : A
A) Keep rising over 61.80% resistance
B) 61.80% resistance
C) Hit the bottom
D) Hit the top
Stocks rise as they rise from support and fall from resistance. Our goal is to find a low support point and enter. It can be referred to as buying at the pullback point. The pullback point can be found with a Fibonacci extension of 61.80%. This is a step to find entry level. 1) Find a triangle (Fibonacci Speed Fan Line) that connects the high (resistance) and low (support) points of the stock in progress, where it is continuously expressed as a Slingshot, 2) and create a Fibonacci extension level for the first rising wave from the start point of slingshot pattern.
When the current price goes over 61.80% level , that can be a good entry point, especially if the SMA 100 and 200 curves are gathered together at 61.80%, it is a very good entry point.
As a great help, tradingview provide these Fibonacci speed fan lines and extension levels with ease. So if you use the Fibonacci fan line, the extension level, and the SMA 100/200 curve well, you can find an entry point for the stock market. At least you have to enter at this low point to avoid trading failure, and if you are skilled at entering this low point, with fibonacci6180 technique, your reading skill to chart will be greatly improved.
If you want to do day trading, please set the time frame to 5 minutes or 15 minutes, and you will see many of the low point of rising stocks.
If want to prefer long term range trading, you can set the time frame to 1 hr or 1 day.
OXY Occidental Petroleum Options Ahead of EarningsIf you haven`t bought OXY before the last run:
Then analyzing the options chain and the chart patterns of OXY Occidental Petroleum prior to the earnings report this week,
I would consider purchasing the 60usd strike price Calls with
an expiration date of 2024-5-17,
for a premium of approximately $2.32.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Occidental Petroleum Corp.: Bullish Bias. ContinuationTo be successful on Wall Street, it is important to be flexible and be able to recognize changing market winds - the patterns that tell investors when to get in and out of the market.
Sometimes a breeze is a warm and inviting wind: assets rise in value, and it seems that everyone is making money.
Other times, it turns into a violent storm, leaving in its wake financial destruction, memories of the past, and hope that better times are yet to come.
Occidental Petroleum Corporation (often abbreviated as Oxy in reference to the symbol and logo) is an American company engaged in hydrocarbon exploration in the United States and the Middle East, as well as petrochemical production in the United States, Canada and Chile.
The oil company, among other Value Investing Assets, has become one of the main beneficiaries of the weakening and reversal of WFH ("Working From Home") disinflationary trends that quickly shook the entire financial world against the backdrop of the Covid-19 pandemic in Q1 2020. But faded also just as quickly, while since the first quarter of 2021, in two years, many growth assets have been undermined, rocked by scandals, or completely destroyed.
It was revealed in March that Warren Buffett's Berkshire Hathaway added more shares to an already large bet on Occidental Petroleum, according to an SEC Form 4 report released on March 7, 2023.
The Buffett conglomerate bought nearly 5.8 million shares of the oil company over multiple trading sessions in March, at prices ranging from $59.85 to $61.90, according to the documents.
Berkshire now owns 200.2 million shares of Occidental, totaling 22.2% of the oil company's shares, up from 21.4% previously.
Occidental shares are currently among the top 10 Berkshire holdings. The energy company outperformed the S&P 500 index last year, more than doubling in price.
In March, Occidental CEO Vicki Hollub said in an interview with CNBC that she met with the 92-year-old investor, noting that they talked about the oil and gas industry and related technologies.
Last August, Berkshire received regulatory approval to buy up to 50% of Occidental, sparking speculation that Berkshire could eventually buy out the entire Occidental company.
Berkshire also owns $10 billion of preferred shares in Occidental and has warrants to buy another 83.9 million shares of common stock for $5 billion, or $59.62 each. The warrants were obtained as part of the company's 2019 deal that helped finance the purchase of Anadarko Occidental.
While many investors even now continue to believe in the crypto-snow that melted without a trace the winter before last, the technical picture indicates the possibility of Growth comtinuation in value investment assets, incl. Occidental Petroleum - after the completion of the 0.618x Fibonacci retrace to the Growth that began later to Russian President "Special Military Operation" announcement in Q1'22.
Also, the support of weekly SMA (200) in CL1! - Crude Oil Futures adds bullish bias to market participants.
Oxy monthly viewThis is a second expansion of my daily Oxy chart. When zoomed out this far the stock looks incredibly bullish. We are about to see an expansion of the monthly stochastic and a wedge contraction + potential breakout. 66-74$ this year imo.
OXy weekly viewThis chart is an expansion on my daily chart so users can see the weekly contraction of price, bullish indeed. my short term target of 60.8 remains with a longer term target of the golden fib around 66$.
Oxy updateOXY had solid earnings and oil appears to have bottomed recently. With tech in the heavens for valuations, value stocks will eventually have their day. I have been averaging into 70$ jan 2024 calls for a few weeks any time the price is 56-57$. I plan on holdings these for most of the year as my oil exposure. This stochastic and price action contraction is some of my favorite things to buy. OXY just so happens to also be a fundamentally very strong company with a solid dividend as well. This is a huge candle for a value stock. I remain bullish.
Oxy weekly in demandOxy in contraction on both Stochastic RSI and price action and sipping on the demand zone. With oil likely close to a bottom I am starting to average into yearly calls. I am bullish on oil as a whole here, this is a safer longer term play than RIG imo.
OXY back in buy zoneOxy is a stock that warren buffet hyped up last year, this is an old school company that has an impressive business track record. I believe it will perform this year, after a long consolidation and multiple retests of this 56-58$ region I forsee it breaking out this year like my AVUV chart I published. Remember, the longer the consolidation, the stronger the pump in most cases as long-term buyers are less likely to sell when the stock moves. My target for this year is 75$.
OXY Testing 2-Year SupportOXY is currently coming down to test a support line that has held for two years. Pretty good risk/reward spot for a bounce. Stop loss would be just under $55. Targets would be a $5-$7 bounce.
Possible recession signal in oil OXY is testing two important lines. The medium term trend from covid reopening and the bottom support of a large wedge. If these levels are broken to the downside I'd expect a crash from current oversold conditions within the next few months. This would coincide with rates falling off even further and unemployment rising.
However, the weekly and daily stochastic are in oversold territory and the broken trendline could be a bear trap.
Best trade I see is no trade at all. If you must trade OXY, perhaps small yolo put in the event of a economic hard landing.
OXY looks ready for some more dip! 🐻triple top rejection/trend support broken in 2022, lower highs and trend resistance rejections since then.
also low volume and no signs of interest from any long, I will not be surprised to see a slow drop to 51.40-42.92 from here 🎯
ENERGY BETMy intention is to dollar-cost average on NYSE:OXY throughout this quarter. I'm aiming to acquire shares of this stock at a maximum price of $61 per share. Anticipating increased tension in the Middle East, especially around the Suez Canal, I foresee a potential disruption in hydrocarbon supply, likely impacting oil prices, whether significantly or insignificantly.
Simultaneously, there's a noticeable increase in yields on 20-year treasuries. Investors seem to be factoring in the possibility that the Fed might deviate from its plan to lower interest rates in 2024...
Please provide your opinions as I am not an expert in commodities or Oil! Thank you!
$OXY clean cup and handle formationafter Several week consolidation around here i see clean cup&handle in here if it break above area 61.8 - 62.0 will go until $68
Up from here. Buffet continues to accumulate, cheap.Stock is cheap, middle east trouble brewing, US is already biggest US producer, EV won't happen as fast as people think.
OXY : Going longTook a single entry for about 2.5% of the total capital, targeting the upper trendline for a profit of about 15% on the invested capital.
This is a re-entry. Public posts regarding my previous positions in the stock are attached along with this post. Do check them out.
OXY - how much lower can it go?Honestly, I can't make sense of the chart so send any jokes my way. Be gentle.
What I can make sense of this things appears to be oversold as does oil. RSI is below 30. They should be filling SPR at these levels (stressing the word "should"). Uncle Warren is probably gobbling up OXY at these levels and the Middle East is in turmoil.
I'm buying calls ($57 with 12/29 expiry date). Also, did a CSP at $55. I'm fine with owning this one for the long term.
All aboard the Uncle Warren train. Choo Choo.
Oxy MonthEverything seems to be holding and setting up for a higher high. 14RSI breaking down trend and the stoch is starting to curl. TA wise looks solid for a good move up, any bad news could change the out come so if you take a long use a stop.
An Occidental Petroleum breakout is imminentOccidental Petroleum is going to break to the upside soon
Geo political news:
Wars create demand for oil and there is no shortage of warfare taking place globally. The blue parallel channel starts from the Russian invasion of Ukraine. I need not mention what started a few weeks ago..
OPEC+ has already vowed to continue tightening output through the end of the year and if there are any embargos that take place on top of that, supply will be further compromised.
Cyclical realities:
Winter also creates demand since the cooler temperatures lead to increased use of oil byproducts.
Increased demand coupled with decreased supply leads to...
The white trend line from the pandemic low indicates that we are living out the reality of the trend. The price action is so faithful to that trendline, it's almost delicious to look at.
So what does this mean for me?
I wont reveal my exact play, but it's definitely not intra-day. (Some poetry for those that caught it)
I got a nice ITM call about a week ago which lost a bit of value since there was a correction, but since the expiry date is a few months out, I think it will produce some juicy, fat profits once time begins to tell all.
Since OXY should follow the trend of oil prices and since it is a domestic company that would contribute to the replenishment of the SPR if the U.S. decides to go that way, I think OXY is a nice portfolio addition/ swing trade opportunity.
The regression trend since the beginning of the war in Ukraine is flat which indicates that we are in a consolidation channel that has not truly broken out to the upside yet.
The pandemic low trendline is perfectly overlapping with the parallel channel that I drew beginning on the Ukraine invasion date. This indicates to me that we are trending up up and away but are due to see a catalyst for this true breakout.
Either a news event (like earnings or geopolitics) with cause a sharp breakout or we will melt up along the trendline.
Let me know what you think!
Occidental Has Gone Nowhere for a Long TimeOccidental Petroleum shot to prominence in early 2022 as investors embraced inflationary stocks. But it’s gone nowhere since and may be at risk of getting sold.
The main pattern on today’s chart is the pair of converging trendlines. Falling resistance began last November and rising support started in June. Prices are stuck in the narrowing range, with the potential catalyst of earnings tomorrow afternoon. This big event could potentially inject volatility back into the chart.
Next you have the 50- and 200-day simple moving averages (SMAs). While the 50-day SMA is above the 200-day SMA, they give little clear sense of direction or trend. That could mean OXY is neutral over the intermediate and longer terms. If it was bullish and is now neutral, could the pendulum keep swinging toward bearish?
Third, TradeStation data shows energy is the worst-performing sector so far in the fourth quarter after leading in Q3. The most recent economic data has also been non-inflationary -- at the same time that U.S. domestic oil production shoots to record highs.
Finally, consider the chart below of NASDAQ:SEDG SolarEdge Technologies. It had a similar triangle pattern and sideways movement before plunging on weak results in August.
SEDG’s decline accelerated after breaking its 52-week low. This could keep attention on OXY’s 52-week low from March. If the oil driller behaves similarly to peers like NYSE:XOM Exxon Mobil and NYSE:CVX Chevron after its results, a breakdown could be in the cards.
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OXY RantThey might just channel this out to steal some options premiums. This approximate price range has been a support/ resistance level for over a decade now.
Berkshire Hathaway bought in at this level again from October 23-25 increasing their stake even further.
I assume they know things we dont so I expect the rally we're witnessing to continue but who knows, they might just play with this price range until they can justify a price pop. If this takes until Feb or March to go my way i'm totally fine with that.
You're not gonna shake me off. I'm not losing confidence in this trade idea.
We hit the lower bollinger band so this rally makes total sense at this point but I mean...Why can't we get things done just a little bit sooner!
Oh Options Gods, hear my call. (Pun intended lawl)
$OXY Looking For Fibonacci SupportTechnical Analysis Description: NYSE:OXY Seeking Fibonacci Support at 0.618 Level, Specifically at $60.39
Occidental Petroleum Corporation ( NYSE:OXY ) is currently at a critical juncture on its price chart as it seeks potential support at the 0.618 Fibonacci retracement level, which corresponds to a specific price of $60.39. This level is significant in technical analysis and may influence the future price movement of $OXY.
1. **Fibonacci Retracement:** Fibonacci retracement levels are key areas on a price chart derived from the Fibonacci sequence. The 0.618 level, often referred to as the "Golden Ratio," is a crucial retracement level. It's used by traders and analysts to identify potential support or resistance zones where price reversals or significant price reactions can occur.
2. **$60.39 Price Level:** In the case of NYSE:OXY , the $60.39 price level corresponds to the 0.618 Fibonacci retracement level. This means that if the stock's price reaches this level, it could potentially find support, as this level is considered significant by traders and investors.
3. **Seeking Support:** When a stock approaches a Fibonacci retracement level, traders watch closely for signs of support. This means that buying interest may increase as the price approaches or reaches $60.39, potentially leading to a bounce or reversal.
4. **Potential Reversal:** Finding support at the 0.618 Fibonacci level could suggest that NYSE:OXY is poised for a potential upward reversal. Traders often use this as an entry point for long positions, anticipating a bullish move from this level.
5. **Confirmation and Caution:** While Fibonacci retracement levels can be valuable tools, it's essential to exercise caution and look for additional confirmation, such as candlestick patterns or other technical indicators, before making trading decisions based solely on this level.
6. **Risk Management:** Traders should always implement proper risk management strategies, including setting stop-loss orders, to protect their positions in case the stock's price doesn't behave as expected after reaching the 0.618 Fibonacci support level.
In conclusion, Occidental Petroleum Corporation ( NYSE:OXY ) is currently approaching a crucial technical level at $60.39, which corresponds to the 0.618 Fibonacci retracement level. Traders and investors are closely monitoring this level for potential support, which could lead to a price reversal. However, it's essential to consider additional technical factors and employ effective risk management when trading or investing in NYSE:OXY or any other asset.
