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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Occidental Pete (NYSE:OXY) based on the price action in the company's shares. Today's price range of $40.32 and $40.50 is within yesterday'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. Owners of Occidental Pete may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Occidental Pete has traded in a range of $37.25 to $68.83 and is now at $40.41, 8% above that low. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has slid 0.8%.

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 has overhead space with shares priced $40.41, or 52.1% below the average consensus analyst price target of $84.41. Occidental Pete shares should encounter resistance at the 200-day moving average (MA) of $48.79 and support at the 50-day MA of $39.61.

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: bearish inside day candle occidental pete

Ticker(s): OXY