Technical Analysis for Occidental Petroleum
Occidental Petroleum is mainly involved in the natural gas field. but I do have an updates for the technical levels on crude in the link below. check it out
and the chart below you can see the monthly candles on a very long term time frame. the recent highs and OXY correspond perfectly with this very long-term resistance level curated from the all-time highs and Occidental Petroleum. I wish I would have been paying attention to oxy before it reached this level it would have been the perfect short setup.
in the chart below you can see the weekly candles. also I have mapped out several support and resistance levels to pay attention to these are some key levels where we might see some bounces or reversals breakouts and breakdowns. also increased volume and volatility at these levels.
and the chart below you can see a potential Head and shoulders pattern forming. it has a very well-defined neckline. a well defined neckline in a head and shoulders pattern provides a very strong support/resistance level. often you'll find a lot of traders and investors shorting the breakdown of the support level of a well-defined neckline and a head and shoulders pattern.
I should mention that in the chart below you can see how Occidental Petroleum has been basically following the price action of the broader market or SPY. this could very well be the case for the near future. and I should also mention that very often you will see natural gas follow the broader commodity market up or down. and you can also see natural gas futures travel in the inverse direction of crude on many occasions.
$Crude Oil Futures(JUN4)(CLmain.US$ $FTSE Singapore Straits Time Index(.STI.SG$ $S&P/ASX 200(.XJO.AU$ $CSI 300 Index(000300.SH$ $SSE Composite Index(000001.SH$ $Hang Seng Index(800000.HK$ $Invesco QQQ Trust(QQQ.US$ $SPDR S&P 500 ETF(SPY.US$ $VIX Index Futures(MAY4)(VXmain.US$ $GameStop(GME.US$ $AMC Entertainment(AMC.US$ $Roblox(RBLX.US$ $Chevron(CVX.US$ $Exxon Mobil(XOM.US$ $BP PLC(BP.US$ $Devon Energy(DVN.US$
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SpyderCallOP : @102640653@70068790here are the technical levels on oxy. you might be able to make some plays off of these levels
SpyderCallOP : are there any other ticker symbols that you are invested in that I can do some analysis on? @102640653
102640653 SpyderCallOP: Ok can u check for me hang Seng index n baba, Tencent
SpyderCallOP 102640653: sure. give me a few minutes
102640653 SpyderCallOP: Yes thanks. What do u think if I were to buy at around 58plus. Look like crude do have a temporary bottom in place. Maybe crude might retrace toward 98 . I’m looking at maybe might strike up 62-63 zone for Oxy. How u see
Violets SpyderCallOP: Thank you! you know I used to trade oxy when it was like $12 LOL. I don't know why I stayed away from it during the oil all time highs but may take a look at it this week. very interesting that it is following SPY.
SpyderCallOP 102640653: oxy's price appears like it wants to stay range bound between the 53 and 64 areas. personally I would wait for it to get to 64 and then possibly play the reversal or the breakout of 64. or I would wait for it to come back down to 53 and play the bounce off 53 or the breakdown at 53. if it breaks down below 53 it would seem like a confirmation of that head and shoulders pattern that I mapped out on my charts. so that would be potentially a strong short setup. but we will have to see if bear step in to bring it down or the bull step in to bring it up.
right now the prices in the middle of the range typically I don't like to make my trades in those areas.
some people say don't diddle in the middle.
102640653 SpyderCallOP: Ok thanks
SpyderCallOP Violets: I know there are so many stocks that I have held when they were extremely cheap and now they are several hundred percent times more expensive. there have been so many of those times in the past when I tell myself I wish I would have held. then again there are many times when I say I wish I would have sold
SpyderCallOP Violets: that is why we must stick to our formula if it is profitable and don't regret the past because there are always more opportunities everyday
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