Weaker technical forecast for Occidental as stock downgraded to Strong Sell Candidate.
(Updated on Nov 25, 2022)
The Occidental stock price fell by -1.18% on the last day (Friday, 25th Nov 2022) from $71.12 to $70.28. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 1.63% from a day low at $70.14 to a day high of $71.28. The price has fallen in 6 of the last 10 days and is down by -0.18% for this period. 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 -6 million shares and in total, 5 million shares were bought and sold for approximately $380.90 million.
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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 10.52% during the next 3 months and, with a 90% probability hold a price between $69.53 and $85.64 at the end of this 3-month period.
Signals & Forecast
There are few to no technical positive signals at the moment. The Occidental stock holds sell signals from both short and long-term moving averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $71.02 and $70.67. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, November 07, 2022, and so far it has fallen -7.49%. 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). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
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Support, Risk & Stop-loss
On the downside, the stock finds support just below today's level from accumulated volume at $64.41 and $62.11. 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 $64.41. If this is broken, then the next support from accumulated volume will be at $62.11 and $58.73.
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 $1.14 between high and low, or 1.63%. For the last week, the stock has had daily average volatility of 3.44%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations For The Upcoming Trading Day Of Monday 28th
For the upcoming trading day on Monday, 28th we expect Occidental Petroleum Corporation to open at $70.57, and during the day (based on 14 day Average True Range), to move between $67.37 and $73.19, which gives a possible trading interval of +/-$2.91 (+/-4.14%) up or down from last closing price. If Occidental Petroleum Corporation takes out the full calculated possible swing range there will be an estimated 8.27% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $70.50 (0.31%) than the support at $64.41 (8.35%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Occidental Petroleum Corporation stock A Buy?
The Occidental stock holds several negative signals and despite the positive trend, we believe Occidental will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. 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 Strong Sell candidate.
Current score: -5.306 Open Broker AccountStrong Sell Candidate Downgraded
Predicted Opening Price for Occidental Petroleum Corporation of Monday, November 28, 2022
The predicted opening price is based on yesterday's movements between high, low, and closing price.
|Fair opening price November 28, 2022||Current price|
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About Occidental Petroleum Corporation
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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