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Occidental Petroleum CorporationOO

Occidental Petroleum Corporation

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OXY trade ideas

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!
NLong
by SPADESASSETS
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.
NLong
by d3f4ult
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.
NLong
by DrConservative
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!
NLong
by Mr-Juma
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. 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. 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: www.tradestation.com .
N
by TradeStation
3
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)
NLong
by Mr-Juma
$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.
NLong
by AlgoTradeAlert
OXY : Booked profitThe stock has been experiencing a period of consolidation with a ranging price action for some time. Simultaneously, the entire US market appears to be at risk of a significant sell-off. Given this situation, it is prudent to maintain some cash positions. Therefore, the most logical course of action at this point is to sell stocks that are nearing their target levels. In the case of OXY, it is currently at a critical juncture, considering the parallel channel within which it has been trading. Consequently, we have decided to close our position in this stock. Should the price retrace back to the lower boundary of the channel, we will evaluate the possibility of re-entering the position, taking into account the overall sentiment in the market. At present, we have realized a profit of 11.15% in this particular stock.
NShort
by Sniper-Traders
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.
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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.
NLong
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 ❤️
NLong
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.
NLong
by MikeMM
4