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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Occidental Pete (NYSE:OXY) based on the price action in the company's shares. Yesterday's price range of $13.80 and $14.34 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. Traders and investors interested in shares of Occidental Pete may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 508.1% exists for Occidental Pete, based on a current level of $13.88 and analysts' average consensus price target of $84.41. The stock should run into initial resistance at its 50-day moving average (MA) of $15.73 and subsequent resistance at its 200-day MA of $35.90.

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, shares of Occidental Pete have traded between a low of $9.00 and a high of $60.73 and closed yesterday at $13.88, which is 54% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 10.8% while the 200-day MA has slid 2%.

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: bullish am inside day candle occidental pete

Ticker(s): OXY