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- 1 Occidental Petroleum Stock (NYSE: OXY) price is up by 4.29% in the current month.
- 2 OXY stock price sustains above the 50-day and 200-day EMA showcase uptrend.
- 3 Occidental Petroleum Corp missed the EPS as well as revenue estimates.
Occidental Petroleum stock (NYSE: OXY) price up by 4.29% in the current month. OXY stock price is rising upward by forming higher highs swings which show the dominance of bulls.
OXY stock price is managed to climb above the 50-day and 200-day EMA showcasing uptrend. If the price continues to rise then EMAs might display a golden crossover which will further boost the momentum.
In the mid of June, Occidental Petroleum’s stock price took support near $55.00 and formed a bullish reversal pattern. Later, responsive buyers came forward to push the price higher.
Slow and steady prices recovered and reached $65.00. During the recovery, the short-term sell-off retracement is visible but buyers succeeded to bounce back.
The rising buying volume in the OXY stock is visible and prices followed the same direction. It indicates some genuine investors might have taken a long position and expected outperformance.
Occidental Petroleum stock closed the previous session at $65.84 with an intraday rise of 3.31%. The market capitalization stands at $58.25 Billion.
Will Occidental Petroleum Stock continue the momentum?
Occidental Petroleum stock (NYSE: OXY) price is near the strong supply zone. Previously, stock prices faced rejection due to which sellers might have still been active near $65.00. Therefore, traders and investors need to be careful in the coming few sessions.
Till the OXY stock price sustains above the EMAs short-term downfall will be easily absorbed. However, if the price drops below $60.00 then bears may again try to pull the price down to the previous lows.
The technical analysis suggests OXY stock price is mildly bullish but short-term retracement toward EMA is possible.
OXY Stock Price rose for 5 consecutive weeks
OXY stock price rises upward for 5 consecutive weeks. It indicates that buyers are active. Occidental Petroleum released the previous quarter earnings on August 2, 2023. It reported an EPS of 0.68 and revenue of $6.702 Billion.
The company missed the EPS estimate by 6.35% and the revenue estimate by 3.22%. Despite that stock prices reacted positively and continued the momentum. The MACD curve slopes upward and the histogram bar is also on the rise indicating mild bullishness.
Conclusion
Occidental Petroleum stock (NYSE: OXY) is near the supply zone sellers might try to reject it again.
The technical analysis suggests, till OXY stock sustains above the EMAs short-term downfall will be easily absorbed. The price might show a bounce from the support but the probability of reaching $70.00 is low.
Technical levels
- Resistance levels: $68.00 and $76.00
- Support levels: $60.00 and $55.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
