OXY: 10 weeks of decline, double bottom taking shape

Occidental Petroleum is at week 10 of a sell signal: those already short are up 7.06% from entry. The week just closed down 3.5% with sellers at 95% — the fifth consecutive weekly decline and an accelerating pace. On the daily chart, a double bottom is forming in the 51 area, a technical element worth watching closely in the coming week.