Occidental Petroleum: confirmation holds, +4.4%
Occidental Petroleum climbs 4.4% as the buy signal holds into confirmation
Occidental Petroleum: confirmation holds, +4.4%
Our view last week
Occidental Petroleum bounces 3.7% off its own 20-day moving average, in the 53 area, with buyers taking 73% of the session's volume. In this weekly technical analysis the bounce fires a fresh buy signal — first of the 20 new US Longs, signal strength 72 out of 100 — but the week also brings some caution: contracting volumes and a weaker last bar than usual. The stock stays boxed between resistance and support, with the energy sector running hot.
This week's summary
Occidental Petroleum shares add 4.4% this week, the fourth straight session of higher lows running from the 48 area toward 54. In this weekly technical analysis the buy signal that fired seven days ago holds: the first week closes higher and confirms the entry. Underneath, though, three technical warnings are piling up - contracting volumes, fading candle conviction, a deepening distribution phase - while the stock stays boxed between a resistance and a support sitting close together.
IQS Phase
56
ordinary
Signal Strength
70
high · wide move
Sizing
FULL
Ranking
#20 / 124
US stocks in progress
Trade P&L %
+4.45%
from signal to today
Rank position
ranks 20th among the 124 Longs already running for US stocks in our ranking, with a signal strength of 70 out of 100.
Sector context
SectorEnergy
Benchmark ETFXLE
Sector regimein positive regime
Performanceweekly +3.36% · monthly +11.29%
OXY belongs to the energy sector (reference ETF XLE). The sector is classified in positive regime according to our weekly reading.
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