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Watch for Continued Losses in Shares of Occidental Pete (OXY)

By Shiri Gupta

Shares of Occidental Pete (NYSE:OXY) traded today at $54.32, breaking its 52-week low. This new low was reached on below average trading volume as 2.7 million shares traded hands, while the average 30-day volume is approximately 10.9 million shares.

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 $87.67 and the current low of $54.32 and are currently at $54.32 per share. The 200-day and 50-day moving averages have moved 0.88% lower and 1.27% lower over the past week, respectively.

Occidental Pete has overhead space with shares priced $54.32, or 35.6% below the average consensus analyst price target of $84.41. The stock should find initial resistance at its 50-day moving average (MA) of $63.97 and further resistance at its 200-day MA of $70.07.

SmarTrend recommended that its subscribers protect gains by selling shares of Occidental Pete on February 8th, 2019 by issuing a Downtrend alert when the shares were trading at $64.18. Since that call, shares of Occidental Pete have fallen 14.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: 52 week high/lows occidental pete

Ticker(s): OXY