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A very strong day for Occidental Petroleum Corporation stock price on Monday

StockInvest.us, 4 months ago

Occidental

The Occidental Petroleum Corporation stock price gained 5.68% on the last trading day (Monday, 16th May 2022), rising from $64.08 to $67.72. , and has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the day the stock fluctuated 6.54% from a day low at $64.51 to a day high of $68.73. The price has risen in 8 of the last 10 days and is up by 16.16% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 3 million more shares were traded than the day before. In total, 39 million shares were bought and sold for approximately $2.61 billion.

Susquehanna is very positive about OXY and gave it a "$71.00 - $73.00" rating on May 12, 2022. The price target was changed from 59.22 to 1.46.Over the last 90 days, this security got 13 buy, 0 sell, and 1 hold ratings.

The stock lies in the upper part of a wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $68.86 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 32.46% during the next 3 months and, with a 90% probability hold a price between $77.83 and $91.21 at the end of this 3-month period.

Occidental

Mostly positive signals in the chart today. The Occidental Petroleum Corporation stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $61.90 and $58.92. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, May 09, 2022, and so far it has risen 17.08%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.

On the downside, the stock finds support just below today's level from accumulated volume at $58.13 and $57.50.There is natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Occidental Petroleum Corporation finds support just below today's level at $58.13. If this is broken, then the next support from accumulated volume will be at $57.50 and $56.15.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $4.22 between high and low, or 6.54%. For the last week, the stock has had a daily average volatility of 6.33%.

Occidental Petroleum Corporation holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.

Check full Occidental forecast and analysis here.