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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Occidental Pete (NYSE:OXY) based on the price action in the company's shares. Yesterday's price range of $52.86 and $53.47 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. Traders and investors interested in shares of Occidental Pete may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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 Pete share prices have been bracketed by a low of $52.76 and a high of $87.67 and closed yesterday at $53.46, 1% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has declined 1.1%.

Occidental Pete (NYSE:OXY) has potential upside of 57.9% based on a current price of $53.46 and analysts' consensus price target of $84.41. The stock should find initial resistance at its 50-day moving average (MA) of $62.49 and further resistance at its 200-day MA of $69.17.

SmarTrend is tracking the current trend status for Occidental Pete and will alert subscribers who have OXY in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle occidental pete

Ticker(s): OXY