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Archive
- 12/13/2024 -
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Occidental Petroleum (OXY) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was a first positive week for the Occidental Petroleum (OXY). During the week, the OXY climbed 0.10 points, or 0.21%, and closed at 47.64 on Friday, December 13, 2024. Weekly volume was 10% above average.
 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 uptrend support line (90.28) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. OXY may retest the broken support line. It is considered to be a resistance line now. 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 support in a long-term trend.
 Medium-term trend: [See OXY medium-term trend chart]
A medium-term downtrend had started on April 12, 2024 at 71.18 and reached 47.20 on December 6, 2024. OXY lost 23.98 points, or 33.69%, in 34 weeks. The chart has formed a Falling Wedge chart pattern. The trend support level is at 45.55 and resistance is at 49.35. A Falling Wedge is a triangle formation with a noticeable slant to the downside. It represents the loss of a downside momentum on each successive low and has a bullish bias. The Falling wedge usually marks a reversal in a downtrend. In an uptrend a falling wedge is considered to be a continuation pattern. Use the following link to access a Falling Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Falling Wedge pattern in a medium-term trend.
 Weekly Technical Indicators: [See OXY weekly technical indicators chart]
Weekly Williams' Percentage Range is strongly oversold. Use the Technical Stock Screener to see the list of stocks with weekly strongly oversold Williams' Percentage Range. Weekly Lane's Stochastic has bullish divergence. Use the following links to access the Lane's Stochastic help, or use the Technical Stock Screener to see the list of stocks with weekly Lane's Stochastic bullish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. 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 weekly MACD line is below its signal line since May 24, 2024. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current medium-term downtrend is getting stronger. Use the following link to access a MACD help.
 Short-term trend: [See OXY short-term trend chart]
A short-term downtrend had started on November 14, 2024 at 52.30 and reached 47.20 on December 6, 2024. OXY lost 5.10 points, or 9.75%, in 22 days. The price is now at the 8.63% retracement level.
 Daily Technical Indicators: [See OXY daily technical indicators chart]
Daily Williams' Percentage Range is oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Williams' Percentage Range. During the last week, daily Lane's Stochastic signal line (%D) has moved above oversold area. Such crossover is considered a bullish signal.
The daily MACD line is below its signal line since December 3, 2024. This is an indication that the short-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term downtrend is getting weak.
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