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On Friday Occidental Petroleum Corporation stock price gained impressive 8.21%

StockInvest.us, 1 week ago

Occidental Petroleum Corporation

The Occidental Petroleum Corporation stock price gained 8.21% on the last trading day (Friday, 13th May 2022), rising from $59.22 to $64.08. During the day the stock fluctuated 6.12% from a day low at $60.75 to a day high of $64.47. The price has risen in 8 of the last 10 days and is up by 16.32% 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, 11 million more shares were traded than the day before. In total, 35 million shares were bought and sold for approximately $2.25 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 middle of a 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 39.5% during the next 3 months and, with a 90% probability hold a price between $76.90 and $92.71 at the end of this 3-month period.

Occidental Petroleum Corporation

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 $61.13 and $58.66. A breakdown below any of these levels will issue sell signals. 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. 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 06, 2022, and so far it has fallen -1.32%. Further fall is indicated until a new bottom pivot has been found.

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 $3.72 between high and low, or 6.12%. For the last week, the stock has had a daily average volatility of 7.18%.

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 Petroleum Corporation forecast and analysis here.