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Downtrend ExhaustionArchive
- 4/26/2024 -
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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 gained 1.15 points, or 1.73%, and closed at 67.78 on Friday, April 26, 2024. Weekly volume was -42% 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 trend support level is at 77.66 and resistance is at 62.07. A Symmetric Triangle pattern represents the area of indecision, where the movement direction is questioned. Chart pattern analysis usually considers a symmetric triangle chart pattern as a continuation formation which resolves in the direction of larger trend, but it also may mark the trend reversal. Use the following link to access a Symmetric Triangle chart pattern help, or use a Technical Stock Screener to see the list of stocks with Symmetric Triangle pattern 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 downtrend resistance line (54.93) is broken. A broken support is considered to be a long-term bullish signal. 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 medium-term trend.
 Weekly Technical Indicators: [See OXY weekly technical indicators chart]
Weekly Lane's Stochastic is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly 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 link to access Lane's Stochastic help.
The weekly MACD line is above its signal line since February 23, 2024. The distance between MACD and the signal line is relatively high, but getting smaller. 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 71.18 on April 12, 2024. OXY gained -16.06 points, or -29.14%, in 122 days. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 56.71 and resistance is at 72.41. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a short-term trend.
 Daily Technical Indicators: [See OXY daily technical indicators chart]
Daily technical indicators are neutral. 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 April 15, 2024.
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