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

By Nick Russo

Shares of Occidental Pete (NYSE:OXY) traded at a new 52-week low today of $52.76. This new low was reached on below average trading volume as 798,000 shares traded hands, while the average 30-day volume is approximately 12.4 million shares.

Potential upside of 59.3% exists for Occidental Pete, based on a current level of $52.98 and analysts' average consensus price target of $84.41. The stock should run into initial resistance at its 50-day moving average (MA) of $62.68 and subsequent resistance at its 200-day MA of $69.32.

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 current low of $52.76 and a high of $87.67 and are now at $52.98. The 200-day and 50-day moving averages have moved 1.07% lower and 2.02% lower over the past week, respectively.

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: 52 week high/lows occidental pete

Ticker(s): OXY