Occidental Petroleum Corporation stock downgraded from Strong Buy Candidate to Buy Candidate after Tuesday trading session.StockInvest.us, 6 months ago
The Occidental Petroleum Corporation stock price gained 0.32% on the last trading day (Tuesday, 17th May 2022), rising from $67.72 to $67.94. , and has now gained 4 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 3.05% from a day low at $67.12 to a day high of $69.17. The price has risen in 8 of the last 10 days and is up by 14.69% over the past 2 weeks. Volume fell on the last day by -10 million shares and in total, 29 million shares were bought and sold for approximately $1.96 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.
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 $68.97 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 31.41% during the next 3 months and, with a 90% probability hold a price between $77.46 and $90.64 at the end of this 3-month period.
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 $62.33 and $59.24. 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 17.46%. 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 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.
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 $2.05 between high and low, or 3.05%. For the last week, the stock has had a daily average volatility of 5.77%.
Several short-term signals, along with a general good trend, are positive and 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.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.Check full Occidental forecast and analysis here.