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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 $63.05 and $63.38 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.

Occidental Petroleum (NYSE:OXY) has potential upside of 20.7% based on a current price of $63.08 and analysts' consensus price target of $76.14. Occidental Petroleum 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.

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 $63.08, 8% 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.

SmarTrend recommended that its subscribers protect gains by selling shares of Occidental Petroleum on January 23rd, 2017 by issuing a Downtrend alert when the shares were trading at $68.12. Since that call, shares of Occidental Petroleum have fallen 6.9%. 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 Petroleum

Ticker(s): OXY