OXY downward channel into Major Support
OXY is currently in a long term downward channel and testing the bottom of it. The severe decline in price over the last few years is plummeting OXY into MAJOR support. This confluences with the downward channel, and we are likely (in my opinion) to see a trend change soon to test the top of the downward channel as long as the support holds. OXY, as well as all petroleum companies, is currently battling with gas and oil prices which are handicapping it severely. This idea is very subject to becoming invalidated due to fundamentals with that said, as well as OXY has just dug themselves into even more debt with a $37 Billion purchase in attempts to expand. Hopefully their efforts pay off, and don't send their stock prices into a death spiral, because breaking this major support would be very BEARISH for OXY shareholders.
If you enjoyed this analysis, and/or like cookies, be sure to give me a thumbs up and follow for more content. (:
If you enjoyed this analysis, and/or like cookies, be sure to give me a thumbs up and follow for more content. (:
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.