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

By Nick Russo

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 $73.75 and $74.24 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.

In the past 52 weeks, shares of Occidental Petroleum have traded between a low of $58.24 and a high of $82.02 and are now at $74.03, which is 27% 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 7.3% exists for Occidental Petroleum, based on a current level of $74.03 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 is tracking the current trend status for Occidental Petroleum and will alert subscribers who have OXY in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle Occidental Petroleum

Ticker(s): OXY