Occidental Petroleum finally at support
Price finally reached the $40 level, closing shorts here and now looking for reversal. Already seeing divergence on a weekly chart, This is a very strong support level.
On a daily chart (see below) rosk-reward for a long is best at the moment, targetting a retest fo the $58-$60 area. Could form inverse H&S here.
Next earnings on November 4, and company nudged its estimate for third-quarter production higher on Tuesday.
Based on price targets from other banks and investment funds, it is very oversold and expectations are to go up.
Good Luck!
On a daily chart (see below) rosk-reward for a long is best at the moment, targetting a retest fo the $58-$60 area. Could form inverse H&S here.
Next earnings on November 4, and company nudged its estimate for third-quarter production higher on Tuesday.
Based on price targets from other banks and investment funds, it is very oversold and expectations are to go up.
Good Luck!
Comment:
Daily chart view.
