Occidental Petroleum finally at support
Updated
Price finally reached the $40 level, closing shorts here and now looking for reversal. Already seeing divergence on a weekly chart, This is a very strong support level.
On a daily chart (see below) rosk-reward for a long is best at the moment, targetting a retest fo the $58-$60 area. Could form inverse H&S here.
Next earnings on November 4, and company nudged its estimate for third-quarter production higher on Tuesday.
Based on price targets from other banks and investment funds, it is very oversold and expectations are to go up.
Good Luck!
On a daily chart (see below) rosk-reward for a long is best at the moment, targetting a retest fo the $58-$60 area. Could form inverse H&S here.
Next earnings on November 4, and company nudged its estimate for third-quarter production higher on Tuesday.
Based on price targets from other banks and investment funds, it is very oversold and expectations are to go up.
Good Luck!
Note
Daily chart view.
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