OXY Testing 2-Year SupportOXY is currently coming down to test a support line that has held for two years. Pretty good risk/reward spot for a bounce. Stop loss would be just under $55. Targets would be a $5-$7 bounce.
OXYP trade ideas
Possible recession signal in oil OXY is testing two important lines. The medium term trend from covid reopening and the bottom support of a large wedge. If these levels are broken to the downside I'd expect a crash from current oversold conditions within the next few months. This would coincide with rates falling off even further and unemployment rising.
However, the weekly and daily stochastic are in oversold territory and the broken trendline could be a bear trap.
Best trade I see is no trade at all. If you must trade OXY, perhaps small yolo put in the event of a economic hard landing.
OXY looks ready for some more dip! 🐻triple top rejection/trend support broken in 2022, lower highs and trend resistance rejections since then.
also low volume and no signs of interest from any long, I will not be surprised to see a slow drop to 51.40-42.92 from here 🎯
ENERGY BETMy intention is to dollar-cost average on NYSE:OXY throughout this quarter. I'm aiming to acquire shares of this stock at a maximum price of $61 per share. Anticipating increased tension in the Middle East, especially around the Suez Canal, I foresee a potential disruption in hydrocarbon supply, likely impacting oil prices, whether significantly or insignificantly.
Simultaneously, there's a noticeable increase in yields on 20-year treasuries. Investors seem to be factoring in the possibility that the Fed might deviate from its plan to lower interest rates in 2024...
Please provide your opinions as I am not an expert in commodities or Oil! Thank you!
$OXY clean cup and handle formationafter Several week consolidation around here i see clean cup&handle in here if it break above area 61.8 - 62.0 will go until $68
Up from here. Buffet continues to accumulate, cheap.Stock is cheap, middle east trouble brewing, US is already biggest US producer, EV won't happen as fast as people think.
OXY : Going longTook a single entry for about 2.5% of the total capital, targeting the upper trendline for a profit of about 15% on the invested capital.
This is a re-entry. Public posts regarding my previous positions in the stock are attached along with this post. Do check them out.
OXY - how much lower can it go?Honestly, I can't make sense of the chart so send any jokes my way. Be gentle.
What I can make sense of this things appears to be oversold as does oil. RSI is below 30. They should be filling SPR at these levels (stressing the word "should"). Uncle Warren is probably gobbling up OXY at these levels and the Middle East is in turmoil.
I'm buying calls ($57 with 12/29 expiry date). Also, did a CSP at $55. I'm fine with owning this one for the long term.
All aboard the Uncle Warren train. Choo Choo.
Oxy MonthEverything seems to be holding and setting up for a higher high. 14RSI breaking down trend and the stoch is starting to curl. TA wise looks solid for a good move up, any bad news could change the out come so if you take a long use a stop.
An Occidental Petroleum breakout is imminentOccidental Petroleum is going to break to the upside soon
Geo political news:
Wars create demand for oil and there is no shortage of warfare taking place globally. The blue parallel channel starts from the Russian invasion of Ukraine. I need not mention what started a few weeks ago..
OPEC+ has already vowed to continue tightening output through the end of the year and if there are any embargos that take place on top of that, supply will be further compromised.
Cyclical realities:
Winter also creates demand since the cooler temperatures lead to increased use of oil byproducts.
Increased demand coupled with decreased supply leads to...
The white trend line from the pandemic low indicates that we are living out the reality of the trend. The price action is so faithful to that trendline, it's almost delicious to look at.
So what does this mean for me?
I wont reveal my exact play, but it's definitely not intra-day. (Some poetry for those that caught it)
I got a nice ITM call about a week ago which lost a bit of value since there was a correction, but since the expiry date is a few months out, I think it will produce some juicy, fat profits once time begins to tell all.
Since OXY should follow the trend of oil prices and since it is a domestic company that would contribute to the replenishment of the SPR if the U.S. decides to go that way, I think OXY is a nice portfolio addition/ swing trade opportunity.
The regression trend since the beginning of the war in Ukraine is flat which indicates that we are in a consolidation channel that has not truly broken out to the upside yet.
The pandemic low trendline is perfectly overlapping with the parallel channel that I drew beginning on the Ukraine invasion date. This indicates to me that we are trending up up and away but are due to see a catalyst for this true breakout.
Either a news event (like earnings or geopolitics) with cause a sharp breakout or we will melt up along the trendline.
Let me know what you think!
Occidental Has Gone Nowhere for a Long TimeOccidental Petroleum shot to prominence in early 2022 as investors embraced inflationary stocks. But it’s gone nowhere since and may be at risk of getting sold.
The main pattern on today’s chart is the pair of converging trendlines. Falling resistance began last November and rising support started in June. Prices are stuck in the narrowing range, with the potential catalyst of earnings tomorrow afternoon. This big event could potentially inject volatility back into the chart.
Next you have the 50- and 200-day simple moving averages (SMAs). While the 50-day SMA is above the 200-day SMA, they give little clear sense of direction or trend. That could mean OXY is neutral over the intermediate and longer terms. If it was bullish and is now neutral, could the pendulum keep swinging toward bearish?
Third, TradeStation data shows energy is the worst-performing sector so far in the fourth quarter after leading in Q3. The most recent economic data has also been non-inflationary -- at the same time that U.S. domestic oil production shoots to record highs.
Finally, consider the chart below of NASDAQ:SEDG SolarEdge Technologies. It had a similar triangle pattern and sideways movement before plunging on weak results in August.
SEDG’s decline accelerated after breaking its 52-week low. This could keep attention on OXY’s 52-week low from March. If the oil driller behaves similarly to peers like NYSE:XOM Exxon Mobil and NYSE:CVX Chevron after its results, a breakdown could be in the cards.
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OXY RantThey might just channel this out to steal some options premiums. This approximate price range has been a support/ resistance level for over a decade now.
Berkshire Hathaway bought in at this level again from October 23-25 increasing their stake even further.
I assume they know things we dont so I expect the rally we're witnessing to continue but who knows, they might just play with this price range until they can justify a price pop. If this takes until Feb or March to go my way i'm totally fine with that.
You're not gonna shake me off. I'm not losing confidence in this trade idea.
We hit the lower bollinger band so this rally makes total sense at this point but I mean...Why can't we get things done just a little bit sooner!
Oh Options Gods, hear my call. (Pun intended lawl)
$OXY Looking For Fibonacci SupportTechnical Analysis Description: NYSE:OXY Seeking Fibonacci Support at 0.618 Level, Specifically at $60.39
Occidental Petroleum Corporation ( NYSE:OXY ) is currently at a critical juncture on its price chart as it seeks potential support at the 0.618 Fibonacci retracement level, which corresponds to a specific price of $60.39. This level is significant in technical analysis and may influence the future price movement of $OXY.
1. **Fibonacci Retracement:** Fibonacci retracement levels are key areas on a price chart derived from the Fibonacci sequence. The 0.618 level, often referred to as the "Golden Ratio," is a crucial retracement level. It's used by traders and analysts to identify potential support or resistance zones where price reversals or significant price reactions can occur.
2. **$60.39 Price Level:** In the case of NYSE:OXY , the $60.39 price level corresponds to the 0.618 Fibonacci retracement level. This means that if the stock's price reaches this level, it could potentially find support, as this level is considered significant by traders and investors.
3. **Seeking Support:** When a stock approaches a Fibonacci retracement level, traders watch closely for signs of support. This means that buying interest may increase as the price approaches or reaches $60.39, potentially leading to a bounce or reversal.
4. **Potential Reversal:** Finding support at the 0.618 Fibonacci level could suggest that NYSE:OXY is poised for a potential upward reversal. Traders often use this as an entry point for long positions, anticipating a bullish move from this level.
5. **Confirmation and Caution:** While Fibonacci retracement levels can be valuable tools, it's essential to exercise caution and look for additional confirmation, such as candlestick patterns or other technical indicators, before making trading decisions based solely on this level.
6. **Risk Management:** Traders should always implement proper risk management strategies, including setting stop-loss orders, to protect their positions in case the stock's price doesn't behave as expected after reaching the 0.618 Fibonacci support level.
In conclusion, Occidental Petroleum Corporation ( NYSE:OXY ) is currently approaching a crucial technical level at $60.39, which corresponds to the 0.618 Fibonacci retracement level. Traders and investors are closely monitoring this level for potential support, which could lead to a price reversal. However, it's essential to consider additional technical factors and employ effective risk management when trading or investing in NYSE:OXY or any other asset.
OXY : Booked profitThe stock has been experiencing a period of consolidation with a ranging price action for some time. Simultaneously, the entire US market appears to be at risk of a significant sell-off. Given this situation, it is prudent to maintain some cash positions. Therefore, the most logical course of action at this point is to sell stocks that are nearing their target levels.
In the case of OXY, it is currently at a critical juncture, considering the parallel channel within which it has been trading. Consequently, we have decided to close our position in this stock.
Should the price retrace back to the lower boundary of the channel, we will evaluate the possibility of re-entering the position, taking into account the overall sentiment in the market.
At present, we have realized a profit of 11.15% in this particular stock.
OXYWas bearish this name last year & earlier this year but looks like this will ultimately be resolving higher. Buffett has been buying below $60. I like $85 Jan 25 calls here. Wouldn't be surprised if it gets there this year if this month closes above last month's high.
Occidental Petroleum Stock Finds Support at Fibonacci RetracemenOccidental Petroleum Corporation (OXY) is a leading oil and gas company that operates in the United States and internationally.
The company's stock has been performing well in recent months, with the price rising from a low of $59.51 in early May to a high of $75.50 in late May.
One way to analyze the stock's price movements is by using the Fibonacci retracement tool. This technical analysis tool is based on the Fibonacci sequence, which is a series of numbers where each number is the sum of the two previous numbers. The most commonly used Fibonacci retracement levels are 23.6%, 38.2%, 50%, 61.8%, and 78.6% .
On the OXY chart, the Fibonacci retracement levels are drawn from the recent high of $75.50 to the recent low of $59.51. The 38.2% retracement level is at $64.17, which is the current price of OXY stock. This suggests that the stock is finding support at this level. If the stock breaks below this level, it could fall to the next Fibonacci retracement level at $62.50. If the stock can break above the 38.2% retracement level, it could continue to rise to the next Fibonacci retracement level at $65.00.
A break above this level would be bullish for OXY stock. It is important to note that Fibonacci retracement levels are not perfect predictors of future price movements. However, they can be useful tools for identifying potential support and resistance levels.
Investors and traders can use this information to make informed decisions about buying or selling the stock. In addition to technical analysis, it is also important to consider fundamental analysis when evaluating a stock.
This includes looking at the company's financial statements, such as its income statement, balance sheet, and cash flow statement, as well as its industry trends and competitive landscape.
By combining technical and fundamental analysis, investors and traders can make more informed decisions about their investments.
Conclusion:
Overall, the Fibonacci retracement tool can be a useful tool for analyzing stock price movements. While it is not a perfect predictor, it can provide valuable insights into potential support and resistance levels. By combining technical and fundamental analysis, investors and traders can make more informed decisions about their investments.
Occidental Petroleum formed 2 strong bullish patternsIn the last few months we've seen two bullish formations.
W Formation first and recently a Cup & handle.
The price has broken above the neckline and brim level, and now the price seems to be retracing to a conservative level of entry.
With the higher lows and clear signs of demand, it looks like this market is poised for growth.
7>21>200
RSI>50 - Higher lows
Target $80
Occidental Petroleum: The Bulls are back! 🐂In the Occidental Petroleum chart, bulls have displayed renewed strength since early September, which needs to be sustained. The turquoise wave B is expected to reach higher, stopping just shy of the $77.13 resistance level. Following this peak, substantial declines are anticipated, potentially dropping below $54.35. Should the price manage to break above the resistance, though we deem it only 34% likely, it would overshoot the turquoise wave alt.B. However, this doesn't alter the bearish outlook that follows.
Maybe Higher Nice little 9 month base. Hitting previous resistance levels. Time to hit those all time highs again????
$OXY - Rising Trend Channel🔹Breakout resistance at 65.90, indicating a potential further rise, and potential support at 65.90 in case of NEGATIVE reactions.
🔹POSITIVE volume balance indicates higher volume on rising days.
🔹The RSI curve indicates a positive trend, indicating a rising trend.
🔹Technically POSITIVE for the short term.
Chart Pattern:
◦ DT: Double Top | BEARISH | 🔴
◦ DB: Double Bottom | BULLISH | 🟢
◦ HNS: Head & Shoulder | BEARISH | 🔴
◦ REC: Rectangle | 🔵
◦ iHNS: inverse head & Shoulder | BULLISH | 🟢
Verify it first and believe later.
WavePoint ❤️
Break of rising wedge with bearish divergences forming. 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.
$OXY Long-Term OutlookIt 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.
