Red day on Thursday for Occidental Petroleum CorporationStockInvest.us, 4 months ago
The Occidental Petroleum Corporation stock price fell by -0.53% on the last day (Thursday, 19th May 2022) from $64.30 to $63.96. and has now fallen 3 days in a row. During the day the stock fluctuated 4.62% from a day low at $62.83 to a day high of $65.73. The price has risen in 6 of the last 10 days and is up by 2.68% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -1 million shares and in total, 27 million shares were bought and sold for approximately $1.74 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 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 30.08% during the next 3 months and, with a 90% probability hold a price between $69.97 and $89.05 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 $63.90 and $59.64. 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). 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 Tuesday, May 17, 2022, and so far it has fallen -5.86%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
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 may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $2.90 between high and low, or 4.62%. For the last week, the stock has had a daily average volatility of 5.80%.
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.