OXY Oops... Previously, posted about the head and shoulders (potential) breakdown of OXY, based on the technicals. Thereafter, there was a weak attempt to recover above the 23EMA, and it faked out. Yes, for a couple of weeks, it did look like a wrong analysis, wrong call, etc. BUT the point is not about being right nor wrong, but being able to read and read it well. For this case, a bearish pattern failure is not a bullish sign. I think we need to establish this as a baseline in our psychology. A bearish pattern failure (seemingly so), in this case was an extension or delay only to show the true colours/commitment. Here, we can see that the bulls failed miserably. A failed weekly breakout, a gap down and break down of the 23EMA, a failed attempt to recover bullish grough above the 23EMA, another 23EMA failure and followed by a recent weekly low close; all with the indicators already pointing to bearishness or at least weakness since the start of 2023.
The yellow dotted vertical line is the confirmation point IMHO.
Target downside, if this continues is between 40-45, where we can look forward to some consolidation and recovery pattern(s).
Notwithstanding, a major war escalation and the likes might trigger an immediate reversal. But that's another story...
For the record, I am actually keen to accumulate OXY, but not now clearly. Not shorting it too as it is counter my initial objective of monitoring this.
