- Occidental Petroleum Stock (NYSE: OXY) is stuck inside the narrow range of consolidation.
- OXY Stock tried multiple times to trade above the 50 day EMA.
- The Occidental Petroleum Stock formed a strong base near $56.00.
Occidental Petroleum Stock Price (NYSE: OXY) is quite stable and seems to be stuck into the narrow range.
For the past 6 months, OXY Stock Price is consolidating in the range between $55.00 to $68.00. Buyers tried multiple times to break out of the higher range but got rejection. It showcases the strength and dominance of sellers on the higher levels.
OXY Stock Price is trading below the 50 and 200 day EMA indicates downtrend. But the EMAs are sloping sideways, indicating prices are likely to consolidate for some more time and downside seems to be limited.
For the past 3 quarters, Occidental Petroleum is failing to meet the earnings estimates. It has negatively impacted the sentiment of the investors. Well the buyers are still defending the $55.00 level which is acting as a strong support for the bulls.
The OXY Stock has consolidated a lot which might be the indication of long term base formation. The responsive buyers are active at lower levels and they are trying their best to rebound.
Occidental Petroleum Stock Price closed the previous session at $59.21 with an intraday rise of 0.70%. The market capitalization stands at $53.18 Billion.
Will the Occidental Petroleum Stock expand upward?
Occidental Petroleum Stock Price has not performed well in 2023 and not generated any returns for its investors. If the buyers are able to push the OXY Stock price above $64.00 then the probability of the range breakout will substantially increase.
The next phase of the rally will be visible only after the breakout of the $68.00 hurdle. According to the technical analysis, no signs of sharp up-move or down-move are visible in the chart.
Well if the price managed to climb above both the EMA then the trend might reverse in the favor of bulls. The technical analysis suggests, OXY Stock Price is in the process of base formation but no signs of range expansion is visible.
OXY Stock Price Analysis on Weekly Time frame
OXY Stock formed a bullish engulfing candle on a weekly time frame but the price again lacked the momentum near to EMAs. If the broader market performs well in the coming months then it might improve the market sentiment and impact the price of OXY stock.
The MACD generated a positive crossover and the curve is rising upward indicates mild bullishness. The histogram bar is also on rise shows bulls are active. The RSI at 55 recovering from the oversold territory denotes the strength of bulls and more upside is open.
Conclusion
Occidental Petroleum Stock Price (NYSE: OXY) continues to consolidate in the range. Buyers showed a minor bounce from the lower range and likely to continue the recovery for some more time.
The technical analysis suggests, no signs of sharp up-move or down-move is visible in the OXY Stock.
Technical levels
Resistance levels: $64.00 and $68.00
Support levels: $55.00 and $51.00
Disclaimer
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