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Possible Bearish Inside Day Candle Pattern Detected for Occidental Pete (NYSE:OXY)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Occidental Pete (NYSE:OXY) based on the price action in the company's shares. Today's price range of $65.20 and $65.92 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Occidental Pete may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Occidental Pete share prices have moved between a 52-week high of $78.48 and a 52-week low of $57.20 and are now trading 15% above that low price at $65.80 per share. The 200-day and 50-day moving averages have moved 0.12% higher and 0.61% higher over the past week, respectively.

Occidental Petroleum Corporation explores for, develops, produces, and markets crude oil and natural gas. The Company also manufactures and markets a variety of basic chemicals, vinyls and performance chemicals. Occidental also gathers, treats, processes, transports, stores, trades and markets crude oil, natural gas, NGLs, condensate and carbon dioxide (CO2) and generates and markets power.

Occidental Pete has overhead space with shares priced $65.80, or 15.7% below the average consensus analyst price target of $78.04. The stock should find initial resistance at its 200-day moving average (MA) of $69.95 and further resistance at its 50-day MA of $71.33.

SmarTrend recommended that its subscribers protect gains by selling shares of Occidental Pete on February 2nd, 2018 by issuing a Downtrend alert when the shares were trading at $74.27. Since that call, shares of Occidental Pete have fallen 11.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle occidental pete

Ticker(s): OXY