Occidental Staggers Before Big EventsOccidental Petroleum has been rangebound for more than two years, and some traders may worry about potential downside with some big events looming.
The first pattern on today’s chart is the price action after the April 12-June 4 slide. OXY retraced half the decline before rolling over, which may suggest its trend is now lower. The recent drop below $61 could also be interpreted as a bear-flag breakdown.
Next, the 50-day simple moving average (SMA) is in the process of forming a potential “death cross” below the 200-day SMA.
Third, the oil stock tried to clear last year’s high above $69 in April but couldn’t hold. That kind of false breakout is a potentially bearish reversal pattern.
Finally, at least two big events could impact trading. On Thursday, OPEC+ is expected to let production increase as previously announced. Quarterly results follow on August 7.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. See our Overview for more.
Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at www.TradeStation.com . Before trading any asset class, customers must read the relevant risk disclosure statements on www.TradeStation.com . System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit www.TradeStation.com for further important information explaining what this means.
