Occidental Petroleum Stock: Will OXY Stock Price Hold $60 Level?

• Occidental Petroleum (NYSE: OXY) defends 50 and 200 day EMA. 
• OXY stock price recovered about 15% from the recent low swing at $46.00.
• OXY stock price broke out of the previous month high at $63.58.

Occidental Petroleum stock price (NYSE: OXY) recovered about 15% from the recent low swing at $56.00. OXY stock successfully defended the 50 and 200 day EMA shows that the positional trend is still in the upward direction. 

OXY stock price has broken out of the downward sloping trendline which indicates buyers are returning to the bullish track. However, prices will gain momentum when bulls will be able to break the $68.00 hurdle. Till then prices might remain in the wide range of consolidation. 

Occidental Petroleum stock price closed the previous trading session at $64.90 with an intraday rise of 1.67%. The market capitalization stood at $57.56 Billion. On February 27, 2023 Occidental Petroleum (NYSE: OXY) released the fourth quarter earnings which were unable to meet the analyst estimates. It disturbed the sentiment of long term investors and prices struggled to hold the $60.00 support level. 

At the beginning of March, the overall market sentiment turned bearish which negatively impacted the price and it began to decline by forming lower lows. However, the downfall halted at $55.00 which is acting as an important demand zone for the bullish traders. 

Occidental Petroleum Stock: Exclusive Technical Analysis

Occidental Petroleum stock price formed a bullish engulfing candle near the demand zone and prices showed surprising recovery from the lower levels. OXY stock price broke the chain of lower low swings and successfully broke out of the downward sloping trendline. 

The OXY stock price is in the initial phase of trend reversal and if buyers succeed to break the $68.00, more upside is possible. On the other hand, if the price drops below $55.00, it may create trouble for the bullish traders. Technical analysis suggests OXY stock is consolidating in a wide range for the long term base creation and probability of upward range expansion is high.

OXY Stock Price: Technical Outlook

OXY stock price witnessed minor profit booking from the supply zone and prices are returning to test the EMAs. Till OXY stock is sustaining above the $60.00 level, the probability of bouncing back remains high. Technical indicators like MACD had generated a positive crossover indicating mild bullishness. The RSI at 58 sloping upward denotes strength of bulls and more room for upside is open. 

Conclusion

Occidental Petroleum stock price (NYSE: OXY) showed a surprising up-move from the demand zone and succeeded to break out of the trendline. Technical analysis suggests, OXY stock price is in bulls grip and consolidating in a wide range for base creation. 

Technical levels

Resistance levels : $68.00 and $76.00

Support levels : $60.00 and $55.00

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.