OXYBuffett's ongoing purchase of large volumes of OXY, as well as buyouts by the Bill & Melinda Gates Foundation should lead to the growth of the paper, which is still quite attractive in terms of financial performance.
OXYP trade ideas
OXY Maintaining my position and moving my take profit to 104 USDOXY Maintaining my position and moving my take profit to 55 USD.
Warren Buffett's Berkshire cleared by regulators to buy up to half of Occidental Petroleum stock -- WSJ.
Occidental Petroleum Corp.'s shares jumped to lead the S&P 500, up 9% after the Federal Energy Regulatory Commission said that Warren Buffett's Berkshire Hathaway Inc. had asked for and recieved its permission to buy up to 50% of the oil producer's shares.
The average price target of stock analysts according to Tip Ranks is on 76 USD or 2 STD above the 200D EMA. That is the next resistance and a good level to sell. Nevertheless, I'm more bullish after this news and the geopolitical tensions in Europe that could cause a severe shortfall of LNG.
Source: Dow Jones Global News
OXY setting upquite a few #oil stock setting up despite oil futures looking like they want to break down. Believe stocks?
OXY bullish scenario:The technical figure Triangle can be found in the daily chart in the US company Occidental Petroleum Corporation (OXY). Occidental Petroleum Corporation is an American company engaged in hydrocarbon exploration in the United States, and the Middle East as well as petrochemical manufacturing in the United States, Canada, and Chile. The company ranked 183rd on the 2021 Fortune 500 based on its 2020 revenues and 670th on the 2021 Forbes Global 2000. The Triangle has broken through the resistance line on 12/08/2022, if the price holds above this level, you can have a possible bullish price movement with a forecast for the next 27 days towards 71.75 USD. Your stop-loss order, according to experts, should be placed at 56.89 USD if you decide to enter this position.
After crashing 10% in the first week of August, Occidental Petroleum (OXY 0.06%) stock turned around swiftly to recoup all of those losses and then some in the second week.
Occidental is firing on all cylinders. It generated its highest-ever free cash flow, worth $4.2 billion, in the second quarter and repaid almost 19% of its outstanding debt, or nearly $4.8 billion, during the quarter. Having hit its debt reduction goal earlier than projected, Occidental also restarted its share repurchase program and is now in a position to grow its dividends at a rapid pace.
In fact, Occidental is now confident of increasing its dividend payout even at the West Texas Intermediate (or WTI) crude oil price of $40 per barrel.
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$OXY good buy @ $35-$40This is very obvious Head & Shoulders pattern. I expect the break of neckline in september.
OXY cleanit's a break of the channel, target still 42. Objective short would start today. Yeah I know Warren is buying, so what.
OXY, A TRUE example of FALSE break out !Regardless of what legendary investors (Like Warren Buffett ) or famous traders do, we always should trade our own strategy.
OXY was fighting with a strong static resistance and finally lost the battle. We have 9 hits to this static line which shows how powerful it is.
False break outs are among the most common traps in trading . Although the concept is very simple , many traders fall simply into the trap just because of lack of patience or weak risk management strategy.
Please keep this words in mind and I promise you will be the winner in long term : " Be sure about a break out before jumping into a trade " .
True break outs have three conditions:
1. Break out should be done by a strong high volume bullish candle and at least 50 % of body of such candle should be placed above the valid resistance.
2. A pull back to broken resistance and rotation is necessary to be sure about true break out. Please note sometime we may not see a complete pull back ( if there is a support before broken resistance) but who can accept the risk of false break out?
3. Continuation of movement in direction of break out.
Occidental Petroleum fulfilled first condition in it's last attempt ( if we close our eyes to volume) with a gap up bullish candle above the resistance. It made also a pull back but no rotation and continuation of the upside movement came after that. It means we had a false break out.
I investigated false break outs of a dynamic resistance in my previous publication on BTC and here I showed an example of false break out of static resistance. Regardless of type of resistance (dynamic or static) , concept is the same.
True break out setup has been shown on the chart. As you see the concept is very simple. Please keep this concept in mind and believe me you won't regret.
Wish you huge profits and good luck.
Reversal or further break downTrend line from April confirms that it’s a trend reversal and I went long on Oxy shares and options. I do see a potential of hitting PT of $70 in next few weeks. Will close my position If this closes below $55 on any given day.
The deal closed OXY in US stock market with profitAlhamdulillah , The deal was closed on OXY in US stock market with a profit of 7.54 % in a 4 weeks . I wish good luck to everybody.
OXY Occidental Petroleum Options Ahead Of EarningsLooking at the OXY Occidental Petroleum options chain, i would buy the $75 calls with
2022-10-21 expiration date for about
$3.10 premium.
Looking forward to read your opinion about it.
OXY - Occidental Petroleum long setupOccidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, Africa, and Latin America.
- BERKSHIRE HATHAWAY (Warren Buffet) is acquiring shares
- Expected earnings and revenue beat
- High oil prices
- High volume
- Above 200 EMA
Tight Consolidation in Occidental PetroleumOccidental Petroleum is the top performing member of the S&P 500 so far this year with a gain of 122 percent. It's drifted in the last few months, but now some interesting patterns may be appearing on the chart again.
First is the tight consolidation at the 50-day and 100-day simple moving averages (SMAs). OXY has remained close to both following its big rally in the first quarter, which may reflect limited selling pressure.
The stock is now back above both SMAs after making higher lows in June and July. Also notice how the troughs form a trend line along with the April low.
This consolidation phase has compressed Bollinger Band Width. Such a volatility squeeze may create the potential for prices to expand -- especially after closing at the top of the recent range.
Finally, the 8-day exponential moving average (EMA) is back above the 21-day EMA and MACD is rising again. Those patterns may suggest short-term momentum is turning bullish again.
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$OXY #breakout$OXY Breakout in 4h Chart
1. Positive Super Trend in Daily Chart & Consolidation > 8 days
2. Several touching points with vwap
3. Price above 10, 20 & 50 EMA
4. Target 78$
5. Stop-Loss 59$
6. Risk Reward Ratio 3.1
Update on OXY and SOXL Two earlier propositions OXY and SOXL identified were taken, as shared.
The exuberance of the week prompted a close of the trade really quickly, particularly for SOXL.
OXY just ran out of steam the moment it reached the resistance, so not yet to break out.
White arrows denote the entry and exit points. You really need to see the intraday charts, 30 mins or 1 hour so view a clearer picture of why the trade close was prompted.
In the longer mid-term, these two still appear to hold good opportunities, and will be under close watch, and waiting for a retracement to turn around.
OXY - another interesting proposition TAKENOXY was recently highlighted during the recent crude oil ease off retracement. A friend kept talking about it, and new about Berkshire (Buffet) accumulating this stock kept making headlines over the past couple of weeks.
It was in the radar screen as this was something I missed earlier and looked for ward to getting some position as the crude prices should be expected to rocket higher. So, as Crude bounced off the support level (in the other post), the daily chart was tracked for a possible entry.
Compared to SOXL, this was not as pretty, but it would do for now.
Support held, bounced off, technicals on the daily were supportive of a bullish rally, Crude oil just bounced, and overall this was considered a low risk entry, so a position was taken (white arrow).
Currently is resistance zone.
Let's see if it has the resolve to break above... it should.
$OXY Lots of Energy Waiting to be Released $OXY - here we go again lol
Shaded blue, shaded orange, blue asterisks
This guy got loads of energy waiting to be released.
Occidental Petroleum (OXY) stuck in a ascending broadening wedgeOXY has a trailing twelve month Price to Earnings (PE) ratio of 8.4. The historical average of roughly 15 shows a good value for OXY stock as investors are paying lower share prices relative to the company's earnings. OXY's low trailing PE ratio shows that the firm has been trading below its fair market value recently. Its trailing 12-month earnings per share (EPS) of 6.90 more than justifies the stock's current price. However, trailing PE ratios do not factor in the company's projected growth rate, resulting in many newer firms having high PE ratios due to high growth potential enticing investors despite inadequate earnings.
Head and ShouldersThis pattern is not valid without a break of the neckline and a clear downtrend.
Possible targets down in orange if price breaks the sloping neckline.
The neckline is often a strong support. level which may not remain broken on the first, or sometimes even the 2nd attempt.
There are rising wedges well below price. I did not draw all of them.
3 outside down candle pattern completed today and is a 3 candle pattern. This pattern begins with a green candle that is engulfed by a red candle the next session. A third red candle takes price down and is confirmation of the engulfing pattern.
No recommendation.
Possible short if neckline is broken with a downtrend.
$OXY Still in Play for This WeekThat $63 level I mentioned on my July 6th post came into play perfectly.
Focus heading into next week.
In my book, this setup gotten better with that rejection. Key is how it acts early next week. $OXY
$OXY with a Bullish outlook following its earnings #Stocks The PEAD projected a Bullish outlook for $OXY after a Positive Under reaction following its earnings release placing the stock in drift A with an expected accuracy of 40.
Why Warren Buffett pours billions of dollars into OXY ?Legendary investor Warren Buffet is pouring billions of dollars into Occidental Petroleum Corporation ! when it rejected heavily from strong and valid down trend line ! why ?
Please note Buffett is a long term investor not a trader !. US market has been in a Bull run in large time frames (Yearly or Monthly) since 1932 therefore, any long term investor who chose fundamentally powerful stock has made a huge profit.
Although I believe Berkshire could have chosen better time and maybe lower price to start buying shares of OXY, I think it will see higher prices in long term in fact, It goes much higher than ATH and will reach to around 180 USD per share or even higher in up coming YEARS.
Now , lets look at what we have in technical point of view:
1. OXY was rejected strongly from valid down trend line in weekly time frame for 4th time . Break out of this heavy down trend line is very important for the stock to go higher.
2. In terms of Elliott waves, similar to many other energy stocks like XOM, COP, SLB and etc , OXY has completed and ascending complete wave cycle from IPO to latest major low (Primary degree waves 1 and 2 on the chart shown by green and red arrows respectively ). It means that impulsive section (Primay degree wave 3) of new wave cycle has been started at last major low around 9 USD. In closer look, currently we are in wave 4 of 1 of primary degree wave 3. Elliott wave labeling on the chart shows internal waves (12345) of wave 1 of primary degree wave 3. It means there is one more leg up ( wave 5 shown on the chart ) to complete wave 1 of primary degree wave 3. Then we will probably have a major correction (wave 2 of 3 ) down to 40-50 level and after completion of correction , wave 3 of 3 which is most profitable and most speedy wave will start. Please note this is most probable scenario and we are not talking about certainty.
3. Beside strong down trend line, there are many strong static resistances on OXY climb road. These Resistances are shown by red horizontal lines on the chart. Therefore, OXY will face difficulties on the way to reach it's target.
One more important note :
As Berkshire owns now around 20 % of company shares and they are long term holders, We can somehow be sure that 20 % of shares of company will be out of future sell pressure in up coming years which is very important note to be considered.
All in all, I believe OXY , like many other energy stocks , offers huge profit for long term investor and traders. However, Is it a right time to open a long position? It depends on personality and risk management and patience of investors/traders. I myself, keep OXY in my watch list and think it can be bought on lower prices as shown by green lines. To me, buying a stock when it is struggling with a strong down trend line is dangerous and as always, I am seeking for a safe trade set up.
I Hope this publication to be useful and wish you all the best.
$OXY strong in face of Oil SellingAmazing how well $OXY held up in the face of brutal selling in #oil and other oil names.
While this looks like a possible head and shoulders, an unexpected move over $63 (above right shoulder) is very bullish.
Keep an eye on this. It'll make its move soon. Volatility is coiling!
Occidental Petroleum (NYSE: $OXY) Back @ 2016, 2017 & 2019 LowsOccidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, Africa, and Latin America. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas. Its Chemical segment manufactures and markets basic chemicals, including chlorine, caustic soda, chlorinated organics, potassium chemicals, ethylene dichloride, chlorinated isocyanurates, sodium silicates, and calcium chloride; vinyls comprising vinyl chloride monomer, polyvinyl chloride, and ethylene. The Midstream and Marketing segment gathers, processes, transports, stores, purchases, and markets oil, condensate, NGLs, natural gas, carbon dioxide, and power. This segment also trades around its assets consisting of transportation and storage capacity; and invests in entities. Occidental Petroleum Corporation was founded in 1920 and is headquartered in Houston, Texas.
