High volatility in Occidental Petroleum Corporation stock price on Wednesday which ended trading at $57.50

The Occidental Petroleum Corporation stock price gained 5.31% on the last trading day (Wednesday, 9th Mar 2022), rising from $54.60 to $57.50. During the day the stock fluctuated 14.80% from a day low at $51.03 to a day high of $58.58. The price has risen in 6 of the last 10 days and is up by 48.62% 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, 54 million more shares were traded than the day before. In total, 135 million shares were bought and sold for approximately $7.74 billion.

On Mar 08, 2022 "Bank of America" gave "$65.00 - $80.00" rating for OXY. The price target was changed from $54.60 to 1.4%.

The stock has broken the wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $49.29, a level that may pose a second chance to hit a runner.

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 $52.36 and $41.54. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, February 22, 2022, and so far it has risen 50.05%. 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.

Occidental Petroleum Corporation finds support from accumulated volume at $56.15 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $7.55 between high and low, or 14.80%. For the last week, the stock has had a daily average volatility of 12.36%.

The Occidental Petroleum Corporation stock is extremely overbought on RSI14 (85). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.

Several short-term signals are positive and the stock has broke the rising trend up, which indicates an even stronger rate of rising. We conclude that the current level may hold a buying opportunity as there is a fair chance for Occidental Petroleum Corporation stock to perform well in the short-term period.We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.