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- 3/15/2024 -
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Occidental Petroleum (OXY) Technical Analysis

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Summary:
Weekly :Overbought sectorTrend support at 75.38Trend resistance at 63.07
Daily :Williams' Percentage Range and Lane's Stochastic are overboughtBroken trend resistance lineThe price has risen above the Parabolic SARThe price is above the upper Bollinger Band
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It was a first positive week for the Occidental Petroleum (OXY). During the week, the OXY gained 1.85 points, or 3.04%, and closed at 62.65 on Friday, March 15, 2024. Weekly volume was -28% below average.

OXY is a member of Energy Sector. Energy is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See OXY long-term trend chart]
A long-term uptrend had started on October 29, 2020 at 8.52 and reached 77.13 on August 29, 2022. OXY gained -68.61 points, or -805.28%, in 95 weeks. The chart has formed a Symmetric Triangle chart pattern. The price is near the trend support (75.38) line. The support is usually stronger when technical indicators are oversold. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend support line in a long-term trend.

Medium-term trend: [See OXY medium-term trend chart]
A medium-term downtrend had started on August 29, 2022 at 77.13 and reached 55.12 on December 12, 2023. OXY lost 22.01 points, or 28.54%, in 67 weeks. The chart has formed a Descending Triangle chart pattern. The price is near the trend resistance line (63.07). The resistance is usually stronger when technical indicators are overbought. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend resistance line in a medium-term trend.

Weekly Technical Indicators: [See OXY weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is above its signal line since February 23, 2024. Use the following link to access a MACD help.

Short-term trend: [See OXY short-term trend chart]
A short-term uptrend had started on December 12, 2023 at 55.12 and reached 63.00 on March 15, 2024. OXY gained -7.88 points, or -14.30%, in 94 days. The chart has formed a Symmetric Triangle chart pattern. The uptrend resistance line (56.68) is broken. Usually a broken resistance is considered to be a long-term bullish signal, although a short-term pull back is possible. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a short-term trend.

Daily Technical Indicators: [See OXY daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range and Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic and Williams' Percentage Range help.

The daily MACD line is above its signal line since January 24, 2024. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current short-term uptrend is getting stronger.

During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

The price has closed on Friday above the upper Bollinger Band. It is considered a bullish signal. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 68.92
Williams' Percentage Range (W%R) 16.60
Overbought
Lane's Stochastic (%D-Slow) 84.56
Overbought
Greed/Fear Indicator (GFI) 78.95
Moving Average Converg./Diverg. (MACD) 0.77
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 65.61
Williams' Percentage Range (W%R) 20.50
Lane's Stochastic (%D-Slow) 75.96
Greed/Fear Indicator (GFI) 70.39
Moving Average Converg./Diverg. (MACD) -0.79
Trading Signals
Description Value Chart
Yearly Trendline Resistance 63.12
Quarterly Trendline Resistance 63.07
Price 62.65
Daily Stochastic Crossing 62.54
Upper Bollinger Band 62.34
Weekly Stochastic Crossing 61.85
20 Day Moving Average 60.93
Parabolic System 60.24
Lower Bollinger Band 59.25
50 Day Moving Average 58.94
Weekly Trendline Support 56.68
Quarterly Trendline Support 55.08
Weekly Trendline Resistance 55.06
Sector and Industry
Description Name Rank
Sector Energy 9
Industry Oil & Gas Exploration & Production 57
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 55.53
Low Date 01/18/2024
High 63.00
High Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Symmetric Triangle
Status Broken Resistance
Resistance 55.06
Support 56.68
Low 55.12
Low Date 12/12/2023
High 63.00
High Date 03/15/2024
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 67.67
High Date 09/14/2023
Low 55.12
Low Date 12/12/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern Descending Triangle
Status Test Resistance
Resistance 63.07
Support 55.08
High 77.13
High Date 08/29/2022
Low 55.12
Low Date 12/12/2023
Description Value
Direction Up
Chart Pattern Symmetric Triangle
Status Test Support
Resistance 63.12
Support 75.38
Low 8.52
Low Date 10/29/2020
High 77.13
High Date 08/29/2022
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.