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Occidental Pete Rises 16.08% on Heavy Volume: Watch For Potential Pullback

By David Diaz

Occidental Pete (NYSE:OXY) traded in a range yesterday that spanned from a low of $12.00 to a high of $13.83. Yesterday, the shares gained 16.1%, which took the trading range above the 3-day high of $11.18 on volume of 42.3 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

SmarTrend recommended that its subscribers protect gains by selling shares of Occidental Pete on January 22nd, 2020 by issuing a Downtrend alert when the shares were trading at $43.46. Since that call, shares of Occidental Pete have fallen 72.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

In the past 52 weeks, Occidental Pete share prices have been bracketed by a low of $9.00 and a high of $68.83 and are now at $14.54, 62% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 6.1% while the 200-day MA has slid 1.3%.

Keywords: rebounders occidental pete

Ticker(s): OXY