• Return to Headlines

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

By Nick Russo

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 $74.11 and $74.99 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.

Occidental Pete (NYSE:OXY) defies analysts with a current price ($74.96) 8.7% above its average consensus price target of $68.43. The stock should find initial support at its 50-day moving average (MA) of $71.33 and further support at its 200-day MA of $69.95.

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 share prices have moved between a 52-week high of $78.48 and a 52-week low of $57.20 and closed yesterday at 31% above that low price at $74.96 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.6%.

SmarTrend recommended that subscribers consider buying shares of Occidental Pete on September 20th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $62.43. Since that recommendation, shares of Occidental Pete have risen 20.1%. We continue to monitor OXY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle occidental pete

Ticker(s): OXY