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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Occidental Petroleum (NYSE:OXY) based on the price action in the company's shares. Today's price range of $75.45 and $75.96 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 Petroleum may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

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.

In the past 52 weeks, Occidental Petroleum share prices have been bracketed by a low of $58.24 and a high of $82.02 and are now at $75.88, 30% above that low price. The 200-day and 50-day moving averages have moved 0.12% higher and 0.61% higher over the past week, respectively.

Potential upside of 4.7% exists for Occidental Petroleum, based on a current level of $75.88 and analysts' average consensus price target of $79.46. Occidental Petroleum shares have support at the 50-day moving average (MA) of $71.33 and additional support at the 200-day MA of $69.95.

SmarTrend recommended that subscribers consider buying shares of Occidental Petroleum on January 28th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $65.42. Since that recommendation, shares of Occidental Petroleum have risen 16.2%. We continue to monitor OXY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle Occidental Petroleum

Ticker(s): OXY