Back to support I think... It was a good attempted breakout, maybe another time.
I do think we reach a point of absolute scarcity due to lack of investment in a rising interest rate environment...
Just putting on my tinfoil hat... it will be after the election.
It appears that the market is starting to coil and could see future downward pressure. Oil will follow temporarily but I believe contains a geo-political risk that could see prices skyrocketing in the near to mid-term. Because of this belief, I would long NYSE:OXY due to Berkshire Hathaway backing and government subsidies for carbon capture.
Sure 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...
We've been long on OXY since the 56-57 support.
Already up nicely but I think this one can run more.
You can always DM me for anything trading related !!
Im 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.
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TipRanks: Based on 13 Wall Street analysts offering 12 month price targets for Occidental Petroleum in the last 3 months. The average price target is $70.92 with a high forecast of $82.00 and a low forecast of $62.00. The average price target represents a 21.00% change from the last price of $58.61.
Expected Move: +/- $1.5
ATR: $1.2
My bullish price target: $62
NYSE:OXY im seeing a triple bottom/ distribution. Im bullish just bc of the chart. I think the R/R on a swing position targeting mid to upper 60s is great over 58. oil doesnt nornally move fast, so likely guna need time to eat on this. however, we have a sharp reversal so the momentum could continue from the big bounce today.
Just over 6 months ago, OXY was flagged to technically not do the expected rally as it broke down of the H&S shoulder. Many had bought in following the reported Berkshire's purchases of OXY , BUT technicals was telling of another type of scenario. Watching the breakdown was rather painful as it stretched over the last 6 months, with a recovery attempt that failed...
Hello,
Look for buys on this stock once you see a pull back. Buying at the current levels does not make sense to me since the risk to reward ratio will not be great.
I will be looking for buys from 53 areas with the top as the target.
Best regards,
The shark ke
NYSE:OXY Occidental Petroleum (OXY) experienced a sell off on May 8th, with a decrease of $1.73 (-2.85%). The stock has a very strong support level at $58.64, and I believe that if OXY reaches this level or falls slightly below it, a bullish reversal is likely. This pattern is similar to what happened on May 4th, 2023. Traders should also be aware that OXY is...
Buffet name, pretty good value name in this environment
Insiders buying pretty heavy
fundamentally,
- operating margin was up significantly in 2022 at an average of 36.6
- net income up huge over the last 6 years average
- assets to liabilities is solid: ~75b in assets, ~45b in liabilities
- free cash flow up significantly last year, and well over 6yr average
-...
as you can see, the major structure is sideway
price trap the support level
price then made inverse head and shoulder breakout and retest which complete falling wedge pattern
and ready to go up
oil price has positive impact from supply side , oil future also show bullish momentum.
