After Yesterday's Rally of 1.00% Shares Could Potentially Pullback
Occidental Petroleum (NYSE:OXY) traded in a range yesterday that spanned from a low of $75.35 to a high of $76.18. Yesterday, the shares gained 1.0%, which took the trading range above the 3-day high of $75.72 on volume of 1.6 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Over the past year, Occidental Petroleum has traded in a range of $58.24 to $82.02 and is now at $75.77, 30% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.6%.
SmarTrend recommended that subscribers consider buying shares of Occidental Petroleum on January 28th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $65.42. Since that recommendation, shares of Occidental Petroleum have risen 14.4%. We continue to monitor OXY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: rebounders Occidental Petroleum