OCCIDENTAL PETROLEUM ($OXY): Should Call it Accidental Petroleum
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Everyone's favorite oil company Occidental Petroleum Corporation (OXY) formed a massive gap on its chart back in March.
While earnings was a mixed bag, to say the least, with dismal earnings growth, OXY still beat analyst expectations (in part by cutting spending) and is showing solid growth in revenue.
Despite the mixed earnings, from a technical perspective, it looks like we may be getting a chance at a long entry with a potential target above the gap.
Reference: www.earningswhispers.com/epsdetails/oxy | www.barrons.com/arti...ing-cuts-51588777157
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1. Our Fractal trend indicator is signaling an uptrend (Blue bar color) on the 2 hour chart.
2. With the strategy, we want to go long on a retest of the previous S/R as plotted by Alpha Directional Bias in an uptrend.
3. We have stops just below previous swing lows to try and evade any liquidity hunting that may occur before a move higher.
4. Our first target is the R1 range formed by previous highs/gap open, our second target R2 is the assumed S/R flip that occurred in March.
5. To lock in profit, we can also watch for short signals ("S") from Triggers along the way.
Like and Follow to help us grow family! 🎉
---
Everyone's favorite oil company Occidental Petroleum Corporation (OXY) formed a massive gap on its chart back in March.
While earnings was a mixed bag, to say the least, with dismal earnings growth, OXY still beat analyst expectations (in part by cutting spending) and is showing solid growth in revenue.
Despite the mixed earnings, from a technical perspective, it looks like we may be getting a chance at a long entry with a potential target above the gap.
Reference: www.earningswhispers.com/epsdetails/oxy | www.barrons.com/arti...ing-cuts-51588777157
---
1. Our Fractal trend indicator is signaling an uptrend (Blue bar color) on the 2 hour chart.
2. With the strategy, we want to go long on a retest of the previous S/R as plotted by Alpha Directional Bias in an uptrend.
3. We have stops just below previous swing lows to try and evade any liquidity hunting that may occur before a move higher.
4. Our first target is the R1 range formed by previous highs/gap open, our second target R2 is the assumed S/R flip that occurred in March.
5. To lock in profit, we can also watch for short signals ("S") from Triggers along the way.