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

By Amy Schwartz

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 $64.99 and $65.98 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, shares of Occidental Pete have traded between a low of $57.20 and a high of $78.48 and closed yesterday at $65.18, which is 14% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has remained constant.

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.

Potential upside of 19.7% exists for Occidental Pete, based on a current level of $65.18 and analysts' average consensus price target of $78.04. Occidental Pete shares should first meet resistance at the 200-day moving average (MA) of $69.95 and find additional resistance at the 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 am inside day candle occidental pete

Ticker(s): OXY