OXY: Sell ideaAs you see on the chart on OXY we have a sell idea after the breakout of vwap indicator.Thanks.
OXYD trade ideas
Bullish Reversal Expected for Occidental Petroleum (OXY) NYSE:OXY Occidental Petroleum (OXY) experienced a sell off on May 8th, with a decrease of $1.73 (-2.85%). The stock has a very strong support level at $58.64, and I believe that if OXY reaches this level or falls slightly below it, a bullish reversal is likely. This pattern is similar to what happened on May 4th, 2023. Traders should also be aware that OXY is scheduled to report earnings after the closing bell tomorrow.
We anticipate a potential bounce for OXY at the strong support level of $58.64. If the stock hits this level or falls slightly below it, we expect a reversal to the upside, similar to the price action observed on May 4th, 2023. Our target prices for this bullish reversal are:
1. Target Price 1: $60.11
2. Target Price 2: $61.16
Occidental Petroleum is set to release its earnings report after the bell tomorrow. This event could introduce additional volatility and impact the stock's price in either direction. Traders should monitor the situation closely and be prepared to adjust their strategies based on the earnings results.
In summary, this trading idea suggests a bullish reversal for Occidental Petroleum (OXY) at the strong support level of $58.64, based on the technical analysis from May 8th. However, traders should be cautious and prepared to adjust their strategies in response to the company's earnings release tomorrow, which could lead to increased volatility in the stock's price. As always, it is essential to manage risk and maintain proper trading discipline when executing any trading idea.
OXY longBuffet name, pretty good value name in this environment
Insiders buying pretty heavy
fundamentally,
- operating margin was up significantly in 2022 at an average of 36.6
- net income up huge over the last 6 years average
- assets to liabilities is solid: ~75b in assets, ~45b in liabilities
- free cash flow up significantly last year, and well over 6yr average
- p/e is an avg of 5, p/cf is an avg of 3.75 for '22
technically,
- long term vwap anchored to the last higher low before '22 regime change acting as weekly support
- weekly RSI getting close to bottoming territory
oxy price bullish ideaas you can see, the major structure is sideway
price trap the support level
price then made inverse head and shoulder breakout and retest which complete falling wedge pattern
and ready to go up
oil price has positive impact from supply side , oil future also show bullish momentum.
Analysis of OXY stock price breakout and potential continuation It appears that there has been a breakout of resistance at the level of 61.88 in the price of the stock of OXY.
This breakout could potentially lead to a continuation of the upward trend in the price, with a possible target
of 66.46. On the downside, there is a support level at 60.47, which could act as a barrier to further declines
in the price. Overall, it seems that the price of OXY may be in a bullish phase, as evidenced by the breakout
of resistance and the potential for further gains. However, as with any investment, there is always a degree
of uncertainty and risk involved, and it is important for investors to conduct thorough research and analysis
before making any decisions.
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It met with its resistance at 68.24 price level but I believe this will soon be taken out and the price action will pierce through it. The overall high Oil price is definitely helping companies like OXY and others as well.
For those who are core fans of Warren Buffett and believes in his foresight in choosing companies (he has definitely proven it !!!) could enter now while those who are more cautious can wait for the price action to break above the resistance level and await a bullish signal.
Channel DownA channel down is a channel down until broken.
This happens a lot as of late but seems many only make it the next strong resistance level.
There is a lot of R overhead. Buffett bought more of
this again I hear.
There is an old rising wedge that has not been broken yet so it is not valid. If this wedge is broken it could take price under 30.
No recommendation.
Strong bullish Marubozu candle that appears shaven on both ends today.
$OXY, Insider and Buffet bought sharesManagement has been aggressively buying back shares
Strong earnings should allow management to continue dividend payments
Cash flows can sufficiently cover interest payments
Prominent player in the Oil, Gas & Consumable Fuels industry
Barclays analyst raised the price target on Occidental Petroleum (NYSE:OXY) to $78.00 (from $70.00) while maintaining a Overweight rating.
OXY: Two situations: Bullish ChannelOn OXY we have two situations. Firstly we would have an uptrend if and only if the resistance line is forcefully broken by a large green candle and accompanied by large green volume. Secondly, we would have a bearish trend if the vwap indicator as well as the support line are forcefully broken by a large red candle and followed by a large red volume.Thanks!
Occidental Petroleum Corp. ($OXY) LongLook for a bounce on $OXY off support to regain 50dma and test 66. OXY 3/31 62C for $2 looks pretty good for a swing.
$OXY Looks interesting..I can definitely appreciate the balance zone it created over the last 7 days or so..now price is looking for acceptance over $59, doing so can really get this going..
OXY ready for take off!!!Oxy ready for take off!!! Consolidating and ready to bounce. I believe a big move to previous highs.
OXY Oops... Previously, posted about the head and shoulders (potential) breakdown of OXY, based on the technicals. Thereafter, there was a weak attempt to recover above the 23EMA, and it faked out. Yes, for a couple of weeks, it did look like a wrong analysis, wrong call, etc. BUT the point is not about being right nor wrong, but being able to read and read it well. For this case, a bearish pattern failure is not a bullish sign. I think we need to establish this as a baseline in our psychology. A bearish pattern failure (seemingly so), in this case was an extension or delay only to show the true colours/commitment. Here, we can see that the bulls failed miserably. A failed weekly breakout, a gap down and break down of the 23EMA, a failed attempt to recover bullish grough above the 23EMA, another 23EMA failure and followed by a recent weekly low close; all with the indicators already pointing to bearishness or at least weakness since the start of 2023.
The yellow dotted vertical line is the confirmation point IMHO.
Target downside, if this continues is between 40-45, where we can look forward to some consolidation and recovery pattern(s).
Notwithstanding, a major war escalation and the likes might trigger an immediate reversal. But that's another story...
For the record, I am actually keen to accumulate OXY, but not now clearly. Not shorting it too as it is counter my initial objective of monitoring this.
$OXY $XLE Oracle of Omaha favorite setting up for a gap fill $OXY $XLE Oracle of Omaha favorite setting up for a gap fill. Thing energy has potential for upside if recession fears continue to diminish, also hedge for war escalations.
Brent oil prices fell during early Wednesday trading OIL
Brent oil prices fell during early Wednesday trading. Expectations within the financial markets have been shifting to accommodate the resilience of the US economy and stubbornly sticky inflation, resulting in an outlook that now assumes the Federal Reserve will hike rates further than previously thought. This scenario, of a hawkish Fed causing a hard landing for the economy, dents the growth prospects of the US and to some extent those of the rest of the world. The latest FOMC minutes are due for publication later today, when fears of a hawkish tilt could be confirmed, exacerbating the downgrading of growth expectations – a scenario that could see oil prices suffer further as the markets price-in lower future demand.
Ricardo Evangelista – Senior Analyst, ActivTrades
ACTIVTRADES:BRENTAPR23
Buying at the bottom of the range OXY, warren's darling has formed a bullish harami/dragonfly doji and is rebounding at the key demand zone. Hence, I would be heading for a buy at different levels. First target resistance will be at 66.33
OXY - Great setup
NYSE:OXY - Elliott wave Analysis
Warren Buffet bought OXY in Q1,Q2 and Q3 of 2022. We can't all be Buffets but a a good setup might be in place right now.
A clear upward impulse wave starting in October 2020, with an extended third wave that reached its peak on May 31, 2022.
Since then, we have been witnessing a period of consolidation in the form of a retracement wave (4). The sideways movement of the price is characteristic of a triangle pattern.
Triangles are a slow and sideways movement that indicate a balance in the convictions between bulls and bears. They are only present in waves 4, B, and X, preceding the final wave of a sequence.
The eventual outcome of a triangle pattern is a wave 5 of the impulse sequence, also know as the post triangle thrust. The good part is that we can calculate this post triangle thrust.
In terms of Fibonacci retracements, the current retracement of 0.236 in wave 3 aligns with the second most common Fib retracement for wave 4.
It is important to note that triangle patterns can be difficult to trade. Why because in this case the triangle can take the form of a B wave at a larger degree than fall in wave C finishing the correction. than moving up in wave 5 of the larger impulse wave. This may not be relevant in the current situation, however, it is important to exercise caution and keep this in mind."
When they conclude though, they result is the post triangle thrust.
ConclusionGood upside potential at least to $74 level 13% increase from the current level. There is also another energy stock with the same wave count NYSE:PXD this time with a dividend yield of 11 %.
Legal Disclaimer: The information presented in this analysis is solely for informational purposes and does not serve as financial advice.
put credit spread price boucning off support
expire right before earnings
going for credit spread as risk of non volatile period to earnings
- reminder to self
- check volume, spread and open interest of options
- check major news event
- check support and resist lvl and its reaction
‘Death Cross’ in OccidentalOil and gas producers like Occidental Petroleum began 2022 with a bang, but this year has been just the opposite. (TradeStation data shows energy is the only major sector to fall in the last three months as crude languishes.)
The first pattern on today’s chart of OXY is the 50-day simple moving average (SMA) slipping beneath the 200-day SMA on Friday. That “death cross” can suggest the longer-term trend is turning bearish. It also sticks out like a sore thumb considering that the bigger S&P 500 had a “golden cross” just one session earlier.
Second, the series of lower highs since August may suggest buyers are getting tired.
Third, prices closed Friday below a rising trend line along its recent lows.
Finally, the short-term trend could also be bearish: Notice how the 8-day exponential moving average (EMA) is back under the 21-day EMA. (This chart includes our 2 MA Ratio custom script.)
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$OXY about to Death Cross for the 1st time since 11/2018 $OXY about to Death Cross for the 1st time since 11/2018 and approaching the bottom of uptrend that's been holding since 3/2022
Calls over $64.02, $65.96
Target $64.54
Puts under $61
Target $60.75, $59.73
Running Low on OXY?Running Low On OXY?
I believe we will be "running low on oxy" over the next few days or weeks.
A head and shoulders pattern was identified on the daily in confluence with 2 rising support trendlines. OXY broke below the neckline of the head and shoulders pattern on Friday, February 3, 2023. Furthermore, the daily chart shows an increase of sellers at the break of the neckline.
Therefore, I'd be interested in shorting OXY if it holds below the neckline AND breaks below the 2 rising support lines (for further confirmation). The level of interest is 60.
Akili,
MrALtrades00
*This is not financial advice.
