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

By Amy Schwartz

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. Yesterday's price range of $40.32 and $40.65 is within the prior day'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.

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.

Potential upside of 104.9% exists for Occidental Pete, based on a current level of $41.19 and analysts' average consensus price target of $84.41. Occidental Pete shares should encounter resistance at the 200-day moving average (MA) of $48.66 and support at the 50-day MA of $39.62.

In the past 52 weeks, shares of Occidental Pete have traded between a low of $37.25 and a high of $68.83 and closed yesterday at $41.19, which is 11% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has remained constant.

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 am inside day candle occidental pete

Ticker(s): OXY