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OCCIDENTAL PETROLEUM CORP is setting up nicely for a breakout.

By Mill Chart

Last update: Nov 22, 2022

OCCIDENTAL PETROLEUM CORP (NYSE:OXY) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NYSE:OXY.

OXY Daily chart on 2022-11-22

Technical analysis of NYSE:OXY

ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.

Taking everything into account, OXY scores 8 out of 10 in our technical rating. In the last year, OXY was one of the better performers, but we do observe some doubts in the very recent evolution.

  • The long term trend is positive and the short term trend is neutral. The long term trend may just continue or reversal may be around the corner!
  • When comparing the yearly performance of all stocks, we notice that OXY is one of the better performing stocks in the market, outperforming 98% of all stocks. We also observe that the gains produced by OXY over the past year are nicely spread over this period.
  • OXY is one of the better performing stocks in the Oil, Gas & Consumable Fuels industry, it outperforms 92% of 389 stocks in the same industry.
  • OXY is currently trading in the upper part of its 52 week range. The market is still in the middle of its 52 week range, so OXY slightly outperforms the market at the moment.

How does the Setup look for NYSE:OXY

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:OXY scores a 9 out of 10:

OXY has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 74.33. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 69.58, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for OXY in the last couple of days, which is a good sign.

Trading breakout setups.

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.

Of course, there are many ways to trade or not trade NYSE:OXY and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

Our Breakout analyzer lists more breakout setups and is updated daily.

OCCIDENTAL PETROLEUM CORP

NYSE:OXY (2/11/2025, 8:04:00 PM)

After market: 48.64 +0.03 (+0.06%)

48.61

+0.23 (+0.48%)

OXY Latest News and Analysis

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