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Occidental Petroleum Corporation stock price up 1.43% on Friday

StockInvest.us, 3 months ago


The Occidental Petroleum Corporation stock price gained 1.43% on the last trading day (Friday, 3rd Jun 2022), rising from $69.30 to $70.29. During the day the stock fluctuated 2.78% from a day low at $69.38 to a day high of $71.31. The price has risen in 6 of the last 10 days and is up by 9.9% 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, 790 thousand more shares were traded than the day before. In total, 22 million shares were bought and sold for approximately $1.56 billion.

Mizuho is very positive about OXY and gave it a "$85.00 - $89.00" rating on May 31, 2022. The price target was changed from 69.31 to 2.19.Over the last 90 days, this security got 12 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 $71.62 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 20.02% during the next 3 months and, with a 90% probability hold a price between $71.58 and $85.96 at the end of this 3-month period.


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 $69.32 and $62.45. A breakdown below any of these levels will issue sell signals. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, May 27, 2022, and so far it has fallen -0.80%. Further fall is indicated until a new bottom pivot has been found. 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 $1.93 between high and low, or 2.78%. For the last week, the stock has had a daily average volatility of 4.51%.

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.

Check full Occidental forecast and analysis here.