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Occidental Petroleum Corporation stock downgraded from Buy Candidate to Hold/Accumulate after Friday trading session.

StockInvest.us, 4 months ago

Occidental

The Occidental Petroleum Corporation stock price gained 4.25% on the last trading day (Friday, 6th May 2022), rising from $62.29 to $64.94. , and has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the day the stock fluctuated 5.74% from a day low at $61.45 to a day high of $64.98. The price has risen in 7 of the last 10 days and is up by 14.65% over the past 2 weeks. Volume fell on the last day by -11 million shares and in total, 31 million shares were bought and sold for approximately $2.00 billion. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.

Raymond James is very positive about OXY and gave it a "$85.00 - $90.00" rating on Apr 25, 2022. The price target was changed from 54.92 to 3.04.Over the last 90 days, this security got 11 buy, 0 sell, and 1 hold ratings.

The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the stock is expected to rise 43.89% during the next 3 months and, with a 90% probability hold a price between $82.98 and $104.14 at the end of this 3-month period.

Occidental

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 $59.78 and $58.48. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 26, 2022, and so far it has risen 18.46%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

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 $3.53 between high and low, or 5.74%. For the last week, the stock has had a daily average volatility of 6.16%.

Since the Occidental Petroleum Corporation has been rising for 6 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.

Occidental Petroleum Corporation holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Check full Occidental forecast and analysis here.