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AI Analysis of OXY
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Occidental stock downgraded from Buy Candidate to Hold/Accumulate after Thursday trading session.
(Updated on Apr 11, 2024)

Buy or Hold candidate since Feb 15, 2024 Gain 15.22% PDF

The Occidental stock price gained 0.464% on the last trading day (Thursday, 11th Apr 2024), rising from $68.94 to $69.26. During the last trading day the stock fluctuated 1.71% from a day low at $68.33 to a day high of $69.50. The price has risen in 7 of the last 10 days and is up by 7.88% over the past 2 weeks. Volume fell on the last day by -1 million shares and in total, 7 million shares were bought and sold for approximately $463.91 million. 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.

The stock has broken the narrow and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $68.81, a level that may pose a second chance to hit a runner. According to fan-theory $71.52 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.

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OXY Signals & Forecast

The Occidental 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 $68.58 and $63.64. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, February 05, 2024, and so far it has risen 21.55%. 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.

Support, Risk & Stop-loss for Occidental stock

On the downside, the stock finds support just below today's level from accumulated volume at $60.47 and $60.11. There is a 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 finds support just below today's level at $60.47. If this is broken, then the next support from accumulated volume will be at $60.11 and $57.57.

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 $1.17 between high and low, or 1.71%. For the last week, the stock has had daily average volatility of 2.02%.

The Occidental stock is extremely overbought on RSI14 (78). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.

Our recommended stop-loss: $67.22 (-2.94%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 78 and this increases the risk substantially. There is a buy signal from a pivot bottom found 46 days ago.)

Trading Expectations (OXY) For The Upcoming Trading Day Of Monday 15th

For the upcoming trading day on Monday, 15th we expect Occidental Petroleum Corporation to open at $69.03, and during the day (based on 14 day Average True Range), to move between $68.09 and $70.43, which gives a possible trading interval of +/-$1.17 (+/-1.69%) up or down from last closing price. If Occidental Petroleum Corporation takes out the full calculated possible swing range there will be an estimated 3.38% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $60.47, some $8.79 (12.69%) from the current price of $69.26, our system finds the risk reward attractive.

Is Occidental Petroleum Corporation stock A Buy?

Occidental holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.000 Hold/Accumulate Downgraded

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for Occidental Petroleum Corporation of Monday, April 15, 2024

Fair opening price April 15, 2024 Current price
$69.03 ( 0.332%) $69.26

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

Trading levels for OXY

Fibonacci Support & Resistance Levels

Level Price
Resistance R3 70.20 1.36 %
R2 69.75 0.712 %
R1 69.48 0.313 %
Current price: 69.26
Support S1 68.58 -0.98 %
S2 68.31 -1.38 %
S3 67.86 -2.02 %

Accumulated Volume Support & Resistance Levels

Level Price
Resistance R3 0 .
R2 0 .
R1 0 .
Current price 69.26
Support S1 60.47 -12.69%
S2 60.11 -13.21%
S3 57.57 -16.88%

OXY Dividend Payout History


# Declaration Date Ex-Date Pay Date Amount Yield
1 Feb 08, 2024 Mar 07, 2024 Apr 15, 2024 $0.220 0.318%
2 Oct 31, 2023 Dec 07, 2023 Jan 16, 2024 $0.180 0.318%
3 Jul 26, 2023 Sep 07, 2023 Oct 13, 2023 $0.180 0.280%
4 May 04, 2023 Jun 08, 2023 Jul 14, 2023 $0.180 0.303%
5 Feb 27, 2023 Mar 09, 2023 Apr 17, 2023 $0.180 0.286%

FAQ

What is the symbol for Occidental Stock and on which exchange is it traded?
The symbol for Occidental is OXY and it is traded on the NYSE (New York Stock Exchange).

Should I buy or sell Occidental Stock?
Occidental holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

How to buy Occidental Stock?
Occidental Stock can be purchased through just about any brokerage firm, including online brokerage services.
Click here for our free guide on how to buy Occidental Stock.

What's the current price of Occidental Stock?
As of the end of day on the 2024-04-11, the price of an Occidental (OXY) share was $69.26.

What is the 52-week high and low for Occidental Stock?
The 52-week high for Occidental Stock is $69.58 and the 52-week low is $55.12.

What is the market capitalization of Occidental Stock?
As of the 2024-04-11, the market capitalization of Occidental is 61.175B.

When is the next earnings date for Occidental?
The upcoming earnings date for Occidental is May 07, 2024.
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About Occidental Petroleum Corporation

Occidental Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, Africa, and Latin America. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas. Its Chemica... OXY Profile

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