OXY, going long.The energy sector is overlooked. I believe OXY presents itself as a valuable investment for generations. From essential resources to services, there is no doubt there lays a mint of life long cash-flows. Energy prices are volatile and this company is established to survive a stress tested $30 Oil prices.
OXY
OXY bull put spread AGAINOXY is at the 100 sma on M if you turn on the dividends. IT is RIGHT on top of the 200 sma on the weekly non adjusted dividends. $48 is a NEW low and getting 12% return on risk on a down day is nice...
I will allow this stock to go below $47 before I panic. I would expect a retest anyway, so I'll hold this spread until expiration or until I can close it for .03+ like the last one...
Occidental Petroleum (OXY) Shares Drop to 2.5-Year LowOccidental Petroleum (OXY) Shares Drop to 2.5-Year Low
Shares of Occidental Petroleum Corporation (OXY), the sixth-largest holding in Warren Buffett’s portfolio, have fallen to their lowest level since April 2022. According to Yahoo Finance, Buffett's Berkshire Hathaway increased its stake in Occidental Petroleum to nearly 30% this summer.
But could Buffett be wrong this time? As the chart shows, OXY shares have reached a 2.5-year low.
Meanwhile, analysts are lowering their price targets for OXY shares:
→ Citigroup cut its target from $65 to $62;
→ Wolfe Research reduced its target from $83 to $82;
→ Susquehanna lowered its target from $81 to $78.
However, technical analysis suggests some reasons for bullish optimism:
→ Drawing an upward channel based on the points indicated by arrows shows that the price is nearing the lower boundary of the channel, which may provide strong support and even lead to a bullish reversal.
→ The lower boundary is further reinforced by the psychological level of $50 per share.
→ The RSI indicator is at levels last seen during the panic of spring 2020, suggesting that Occidental Petroleum (OXY) shares may be oversold and undervalued.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Looking bullish immediately on OXY.🔉Sound on!🔉
Thank you as always for watching my videos. I hope that you learned something very educational! Please feel free to like, share, and comment on this post. Remember only risk what you are willing to lose. Trading is very risky but it can change your life!
#OX/USDT#OX
The price is moving in a bearish channel on a 4-hour frame and is holding it strongly and is about to break it upward
We have a bounce from the green support area at 0.3100
We have a tendency to stabilize above the Moving Average 100
We have a downtrend on the RSI indicator that is about to break higher and supports the rise
Entry price is 0.3475
The first target is 0.3990
The second target is 0.4357
The third goal is 0.4811
USO is in a sweet spot on its chart LONGUSO while the middle east, the Houthi rebels and the Suez Canal shipping quagmire affect
oil liquidity globally and prices at the pump continue to be volatile the federal government
seeks contracts to restore the national strategic reserves depleted in the last supply demand
challenge while the presidential and congressional election cycle starts warming up.
On the weekly chart, USO has just crossed over the long term anchored mean VWAP line
as well as the POC line of the volume profile. This is a bullish momentum move. Price is
situated in the middle of the high volume area showing expectations of decent trading volume
and liquidity. I see this as an opportunity to take long trades in oil or anything oil related.
CVX is on sale after a drop after the morning open. i will look at oilfield services stocks, big
oil and oil futures.
USDUSD Oil Prices react to Middle EastOn Thursday January 11th ( earlier today) WTI Crude prices gyrated widely
likely in reaction to US /UK intervention on the terrorists who seized a tanker on the behalf of
Iraq in the Red Sea / Suez Canal area putting shipping and supply concerns into the oil industry
to offset any weak demand. The 15 minute chart shows a megaphone pattern as a
demonstration of waves of relative volatility in price action. I have a position shorting oil
and will now close that position as I see a long entry developing here. US companies that use
rail and pipeline matching domestic production to consumption are less impacted by this
oceanic shipping issue. I will focus on them especially. OXY is at the top of the list and then
MRO.
CVX drops and then starts to recover LONGCVX today dropped suddenly for unclear reasons. The possibility of a Israeli - Hamas War
cease-fire may have led to expectations that oil prices would fall as the shipping
quagmire in the Red Sea might stabilize. Later in the day OPEC+ announced a raised target of
$ 1.00 per barrel higher which on balance seems to be an offset maneuver. CVS in the drop
lost 2% printed a bear flag in about 90 minutes. i will use this opportunity to buy some all
options for September after the height of the summer driving seasons to add to my positions
in the futures ETF USO and OXY.
OXY Occidental Petroleum Options Ahead of EarningsIf you haven`t bought OXY before the last run:
Then analyzing the options chain and the chart patterns of OXY Occidental Petroleum prior to the earnings report this week,
I would consider purchasing the 60usd strike price Calls with
an expiration date of 2024-5-17,
for a premium of approximately $2.32.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Occidental Petroleum Corp.: Bullish Bias. ContinuationTo be successful on Wall Street, it is important to be flexible and be able to recognize changing market winds - the patterns that tell investors when to get in and out of the market.
Sometimes a breeze is a warm and inviting wind: assets rise in value, and it seems that everyone is making money.
Other times, it turns into a violent storm, leaving in its wake financial destruction, memories of the past, and hope that better times are yet to come.
Occidental Petroleum Corporation (often abbreviated as Oxy in reference to the symbol and logo) is an American company engaged in hydrocarbon exploration in the United States and the Middle East, as well as petrochemical production in the United States, Canada and Chile.
The oil company, among other Value Investing Assets, has become one of the main beneficiaries of the weakening and reversal of WFH ("Working From Home") disinflationary trends that quickly shook the entire financial world against the backdrop of the Covid-19 pandemic in Q1 2020. But faded also just as quickly, while since the first quarter of 2021, in two years, many growth assets have been undermined, rocked by scandals, or completely destroyed.
It was revealed in March that Warren Buffett's Berkshire Hathaway added more shares to an already large bet on Occidental Petroleum, according to an SEC Form 4 report released on March 7, 2023.
The Buffett conglomerate bought nearly 5.8 million shares of the oil company over multiple trading sessions in March, at prices ranging from $59.85 to $61.90, according to the documents.
Berkshire now owns 200.2 million shares of Occidental, totaling 22.2% of the oil company's shares, up from 21.4% previously.
Occidental shares are currently among the top 10 Berkshire holdings. The energy company outperformed the S&P 500 index last year, more than doubling in price.
In March, Occidental CEO Vicki Hollub said in an interview with CNBC that she met with the 92-year-old investor, noting that they talked about the oil and gas industry and related technologies.
Last August, Berkshire received regulatory approval to buy up to 50% of Occidental, sparking speculation that Berkshire could eventually buy out the entire Occidental company.
Berkshire also owns $10 billion of preferred shares in Occidental and has warrants to buy another 83.9 million shares of common stock for $5 billion, or $59.62 each. The warrants were obtained as part of the company's 2019 deal that helped finance the purchase of Anadarko Occidental.
While many investors even now continue to believe in the crypto-snow that melted without a trace the winter before last, the technical picture indicates the possibility of Growth comtinuation in value investment assets, incl. Occidental Petroleum - after the completion of the 0.618x Fibonacci retrace to the Growth that began later to Russian President "Special Military Operation" announcement in Q1'22.
Also, the support of weekly SMA (200) in CL1! - Crude Oil Futures adds bullish bias to market participants.
MRO US Oil LongThe US Energy Department has announced open bids for oil contracts to replenish the
national strategic reserve which was depleted during the prior run up on global oil prices.
This is a sure sign that the feds think that spot oil has but in a bottom especially in the context
of shipping disruptions and higher insurance costs due to terrorism /piracy in the area of the
Red Sea and Suez Canal. In the meanwhile two South American countries are having sovereignty
disputes over oil fields and the British Navy is offshore to buttress the interests of Guyana.
MRO is a domestic oil producer that is independent of Middle East issues. Its oil is consumed
mostly in the US with a little shipping to Asia only. On the 50 minute chart, price downtrended
from January 3th through and then below the high volume area of the volume profile.
Price has reversed back up and reapproached the evolving high volume area. The dual TF
MACD ( by Chris Moody) shows moving average divergence. Chris Moody's dual TF RSI indicator
shows the faster TF RSI rising over the slower TF RSI as a sign of bullish momentum.
I have taken both a stock and call options position in MRO having zoomed into the 15 minute
TF for a good entry. Given the level of challenges current geopolitics presents to
smooth flowing and inexpensive shipping of crude oil, I am expectant of significant gains
in these positions. I have also looked into a position in OXY and CVE, which is a Canadian
crude producer.
ENERGY BETMy intention is to dollar-cost average on NYSE:OXY throughout this quarter. I'm aiming to acquire shares of this stock at a maximum price of $61 per share. Anticipating increased tension in the Middle East, especially around the Suez Canal, I foresee a potential disruption in hydrocarbon supply, likely impacting oil prices, whether significantly or insignificantly.
Simultaneously, there's a noticeable increase in yields on 20-year treasuries. Investors seem to be factoring in the possibility that the Fed might deviate from its plan to lower interest rates in 2024...
Please provide your opinions as I am not an expert in commodities or Oil! Thank you!
$OXY Looking For Fibonacci SupportTechnical Analysis Description: NYSE:OXY Seeking Fibonacci Support at 0.618 Level, Specifically at $60.39
Occidental Petroleum Corporation ( NYSE:OXY ) is currently at a critical juncture on its price chart as it seeks potential support at the 0.618 Fibonacci retracement level, which corresponds to a specific price of $60.39. This level is significant in technical analysis and may influence the future price movement of $OXY.
1. **Fibonacci Retracement:** Fibonacci retracement levels are key areas on a price chart derived from the Fibonacci sequence. The 0.618 level, often referred to as the "Golden Ratio," is a crucial retracement level. It's used by traders and analysts to identify potential support or resistance zones where price reversals or significant price reactions can occur.
2. **$60.39 Price Level:** In the case of NYSE:OXY , the $60.39 price level corresponds to the 0.618 Fibonacci retracement level. This means that if the stock's price reaches this level, it could potentially find support, as this level is considered significant by traders and investors.
3. **Seeking Support:** When a stock approaches a Fibonacci retracement level, traders watch closely for signs of support. This means that buying interest may increase as the price approaches or reaches $60.39, potentially leading to a bounce or reversal.
4. **Potential Reversal:** Finding support at the 0.618 Fibonacci level could suggest that NYSE:OXY is poised for a potential upward reversal. Traders often use this as an entry point for long positions, anticipating a bullish move from this level.
5. **Confirmation and Caution:** While Fibonacci retracement levels can be valuable tools, it's essential to exercise caution and look for additional confirmation, such as candlestick patterns or other technical indicators, before making trading decisions based solely on this level.
6. **Risk Management:** Traders should always implement proper risk management strategies, including setting stop-loss orders, to protect their positions in case the stock's price doesn't behave as expected after reaching the 0.618 Fibonacci support level.
In conclusion, Occidental Petroleum Corporation ( NYSE:OXY ) is currently approaching a crucial technical level at $60.39, which corresponds to the 0.618 Fibonacci retracement level. Traders and investors are closely monitoring this level for potential support, which could lead to a price reversal. However, it's essential to consider additional technical factors and employ effective risk management when trading or investing in NYSE:OXY or any other asset.
Occidental Petroleum formed 2 strong bullish patternsIn the last few months we've seen two bullish formations.
W Formation first and recently a Cup & handle.
The price has broken above the neckline and brim level, and now the price seems to be retracing to a conservative level of entry.
With the higher lows and clear signs of demand, it looks like this market is poised for growth.
7>21>200
RSI>50 - Higher lows
Target $80
Occidental Petroleum: The Bulls are back! 🐂In the Occidental Petroleum chart, bulls have displayed renewed strength since early September, which needs to be sustained. The turquoise wave B is expected to reach higher, stopping just shy of the $77.13 resistance level. Following this peak, substantial declines are anticipated, potentially dropping below $54.35. Should the price manage to break above the resistance, though we deem it only 34% likely, it would overshoot the turquoise wave alt.B. However, this doesn't alter the bearish outlook that follows.