Occidental Petroleum Corporation Stock Forecast

Occidental Petroleum Corporation stock price ended at $62.97 on Thursday, after gaining 0.285%.
(Updated on Jun 27, 2024)

0KAK.L Signals & Forecast

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 $62.63 and $61.81. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, June 14, 2024, and so far it has risen 6.06%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Occidental Petroleum Corporation stock

Occidental Petroleum Corporation finds support from accumulated volume at $62.65 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock tends to have controlled movements and therefore the general risk is considered low. However, be aware of low or falling volume and make sure to keep an eye on the stock. During the last day, the stock moved $0.0400 between high and low, or 0.0636%. For the last week the stock has had daily average volatility of 1.77%.

The Occidental Petroleum Corporation stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.

Our recommended stop-loss: $61.03 (-3.08%) (This stock has low daily movements and this gives low risk. The RSI14 is 71 and this increases the risk substantially. There is a buy signal from a pivot bottom found 53 days ago.)

Trading Expectations (0KAK.L) For The Upcoming Trading Day Of Friday 28th

For the upcoming trading day on Friday, 28th we expect Occidental Petroleum Corporation to open at $62.96, and during the day (based on 14 day Average True Range), to move between $61.92 and $64.02, which gives a possible trading interval of +/-$1.05 (+/-1.67%) up or down from last closing price. If Occidental Petroleum Corporation takes out the full calculated possible swing range there will be an estimated 3.35% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $62.65 (0.51%) than the resistance at $66.68 (5.89%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Occidental Petroleum Corporation stock A Buy?

Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term.

Current score: 1.127 Buy Candidate Unchanged

Predicted Opening Price for Occidental Petroleum Corporation of Friday, June 28, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.