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USDWTI

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.
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NYSE:OXY
by Pandorra
11
🔝 US Gas prices become more affordable as key breakdown is hereAmericans could breathe a sigh of relief with gas prices set to be more affordable this year. US gas prices hit their highest 52 Weeks in August and September ahead of Labor Day, with the national average standing at $3.82 a gallon FRED:GASREGW , per AAA Gas Prices . Gasoline prices hit summertime levels in over a decade even as the driving season comes to a halt, as a result of rising crude-oil prices TVC:USOIL driven by production cuts. Brent crude TVC:UKOIL , the international benchmark, jumped to $90 a barrel earlier is September for the first time in 2023 after both Saudi Arabia and Russia extended oil production cuts of 1.3 million barrels a day through December 2023 in a bid to maintain price stability. Higher US gas prices NYMEX:RB1! are a problem for the Federal Reserve, which has been trying to tame historically high inflation. The central bank has already hiked interest rates ECONOMICS:USINTR by more than 500 basis points since March 2022, helping lower the pace of consumer-price increases to 3.2% in July from last year's highs above 9%. But the jump in fuel prices is threatening to derail the progress the Fed has made in taming inflation. As a result, just after September, 2023 FOMC meeting market participants are waiting one or maybe two dovish Fed's Rate price actions in 2024. At the same time before September, 2023 Federal Reserve meeting, market expectations were about three cuts, near to four. (up to 100 b.p.). Meanwhile juts a take a look what technical picture in RBOB Gasoline futures RB1! price says. Near the middle of August, 2023 Gasoline futures prices turned massively down, due to seasonal backwardation in RBOB futures contracts, where autumn RBOB futures contracts are usually to be trade lower vs. summer RBOB futures contracts. Moreover, in the last day of Q3'23 RBOB futures price turned firmly lower, breaking down the major trendline support that was actual all the time from disinflationary Covid-19 era. Moreover weekly SMA(52) is broken down also. In a conclusion, I have to say that retail gasoline prices are usually to follow the major trend, within one or up to two months.
NYMEX:RB1!
by Pandorra
A potential buying opportunity in oilOil broke through another resistance level and now faces another resistance level at 73.00, which is also the meeting point of the upper trend line of the local ascending channel. Wait for it to rebound to retest the previously broken level at 71, where it will also meet the 38.20 Fibonacci level and a local upward trend line. If any signs of a reversal appear from there, it could be a buying opportunity up to 74.30. ------------------------------------------------------------------------- Let me know your thoughts in the comments, and show your support by liking the idea. Please follow if you're interested in more ideas like this. Your support is greatly appreciated!
FX_IDC:USDWTILong
by Candlestick_OB
Bearish signal potential with double top formationThe oil FX_IDC:USDWTI market has reached the previously predicted target, with the current price stopping at $70.95, a strong resistance level due to its support of the price in December. This price level also coincides with the 38.20% Fibonacci level, the 50-period moving average on the 4-hour chart, and intersects with the weekly downtrend. On the 4-hour and 1-hour charts, we observe a rejection pattern with a double top formation and divergence, indicating a potential bearish signal if the neckline at 69.48 is breached. This could lead to a sell signal with a target of 67.28. Alternatively, if the price breaks the resistance level, this would indicate a buy signal with a target of 72.71. ------------------------------------------------------------------------- Let me know your thoughts in the comments, and show your support by liking the idea. Please follow if you're interested in more ideas like this. Your support is greatly appreciated!
FX_IDC:USDWTI
by Candlestick_OB
Long position entry for oil requires breaking resistanceOil FX_IDC:USDWTI breaks triangle pattern and touches yearly support level, indicating a potential corrective move. Weak momentum in the downtrend and formation of a reversal pattern support this analysis. To enter a long position, oil must break the downtrend line and the last resistance level at 67.23. The first target is at 69.52 and the second at 70.95. ------------------------------------------------------------------------- Let me know your thoughts in the comments, and show your support by liking the idea. Please follow if you're interested in more ideas like this. Your support is greatly appreciated!
FX_IDC:USDWTILong
by Candlestick_OB
Market Update 9/26/22TIMESTAMPS: ________________________________________ Intro 0:00 APPL 0:25 Going Over Price Movements 5:00 BTC 8:34 VIX 12:34 Indices 13:18 APPL What I want to see Recap 14:30 USD/WTI 16:08 DOGE 17:25 XRP 18:12 ETH/BTC 19:28 ________________________________________ Video Sums it up. The average ceiling is around the 4HR hull at 151.81. Depending on where we start there might be mayhem in the coming days or even tomorrow. The main plus that the market had today on the open, was that it was oversold in pre-market, assisting the price in initially pushing up more than it needed it. I go over it in the video, but the amount the price rose in 1 hour today, was the same amount it rose last Monday in 5.5 hours. Pretty wild stuff. Especially since it got sold down from there. As usual, I will add timestamps.
NASDAQ:AAPL
by TrendLINEBoys