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

By Shiri Gupta

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. Yesterday's price range of $66.17 and $66.17 is within the prior day'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.

In the past 52 weeks, Occidental Pete share prices have been bracketed by a low of $56.83 and a high of $87.67 and closed yesterday at $66.17, 16% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 0.4%.

Occidental Pete has overhead space with shares priced $66.17, or 21.6% below the average consensus analyst price target of $84.41. The stock should find resistance at its 200-day moving average (MA) of $73.87, as well as support at its 50-day MA of $66.03.

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.

SmarTrend is tracking the current trend status for Occidental Pete and will alert subscribers who have OXY in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle occidental pete

Ticker(s): OXY