OCCIDENTAL PETROLEUM - Daily - Technical analysis published on 07/12/2024 (GMT)
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- Timeframe : Daily
- - Analysis generated on
- Status : TARGET REACHED
Summary of the analysis
Trends
Short term:
Bearish
Underlying:
Bearish
Technical indicators
22%
33%
44%
My opinion
Bearish under 63.27 USD
My targets
59.26 USD (-3.49%)
57.63 USD (-6.14%)
My analysis
All elements being rather bearish, it would be possible for traders to trade only short positions (for sale) on OCCIDENTAL PETROLEUM as long as the price remains well below 63.27 USD. The next bearish objective for sellers is set at 59.26 USD. A bearish break of this support would revive the bearish momentum. Sellers could then target the next support located at 57.63 USD. If there is any crossing, the next objective would be the support located at 55.15 USD. Be careful, the short term currently seems to be losing momentum. Its reversal would lead to mitigation of the, bearish, basic trend. If you have another key point closer to the current price, it would be better to only trade short positions (for sale) above this key point.
Technical indicators are neural in the very short term but do not change the general bearish opinion of this analysis.
Force
0
10
4.6
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Additional analysis
Quotes
The OCCIDENTAL PETROLEUM rating is 61.40 USD. The price is lower by -0.13% since the last closing and was traded between 61.07 USD and 61.92 USD over the period. The price is currently at +0.54% from its lowest and -0.84% from its highest.61.07
61.92
61.40
A bullish opening was detected by the Central Gaps scanner. Buyers are trying to impose a bullish momentum in the very short term.
Bullish opening
Type : Bullish
Timeframe : Openning
Here is a more detailed summary of the historical variations registered by OCCIDENTAL PETROLEUM:
Near a new LOW record (1 month)
Type : Bearish
Timeframe : Weekly
Technical
A technical analysis in Daily of this OCCIDENTAL PETROLEUM chart shows a bearish trend. 78.57% of the signals given by moving averages are bearish. The overall trend seems to be showing some signs of weakness, as do the tentative bearish signals from short-term moving averages. The Central Indicators scanner does not detect any result on moving averages that would impact this trend.
On the 18 technical indicators analysed, 4 are bullish, 8 are neutral and 6 are bearish. No additional result has been identified by Central Indicators, the scanner specialised in technical indicators.
An analysis of the price chart with the Central Patterns scanner (detector of chart patterns and resistances and supports) shows several results that can have an impact on the price change:
Near horizontal support
Type : Bullish
Timeframe : Daily
Near support of channel
Type : Bullish
Timeframe : Daily
Near support of triangle
Type : Bullish
Timeframe : Daily
The Central Candlesticks scanner, specialised in Japanese candlesticks, did not identify any signals.
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 57.63 | 59.26 | 61.00 | 61.40 | 63.27 | 66.60 | 69.00 |
| Change (%) | -6.14% | -3.49% | -0.65% | - | +3.05% | +8.47% | +12.38% |
| Change | -3.77 | -2.14 | -0.40 | - | +1.87 | +5.20 | +7.60 |
| Level | Minor | Major | Intermediate | - | Major | Major | Intermediate |
To determine price objectives, it is also possible to use the pivot points. Here is the price position in relation to pivot points:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 60.00 | 60.41 | 60.94 | 61.35 | 61.88 | 62.29 | 62.82 |
| Camarilla | 61.22 | 61.31 | 61.39 | 61.48 | 61.57 | 61.65 | 61.74 |
| Woodie | 60.07 | 60.44 | 61.01 | 61.38 | 61.95 | 62.32 | 62.89 |
| Fibonacci | 60.41 | 60.77 | 60.99 | 61.35 | 61.71 | 61.93 | 62.29 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 58.85 | 60.16 | 60.97 | 62.28 | 63.09 | 64.40 | 65.21 |
| Camarilla | 61.21 | 61.40 | 61.60 | 61.79 | 61.98 | 62.18 | 62.37 |
| Woodie | 58.61 | 60.04 | 60.73 | 62.16 | 62.85 | 64.28 | 64.97 |
| Fibonacci | 60.16 | 60.97 | 61.47 | 62.28 | 63.09 | 63.59 | 64.40 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 55.12 | 56.95 | 59.99 | 61.82 | 64.86 | 66.69 | 69.73 |
| Camarilla | 61.69 | 62.14 | 62.58 | 63.03 | 63.48 | 63.92 | 64.37 |
| Woodie | 55.73 | 57.25 | 60.60 | 62.12 | 65.47 | 66.99 | 70.34 |
| Fibonacci | 56.95 | 58.81 | 59.96 | 61.82 | 63.68 | 64.83 | 66.69 |
Numerical data
The following is the status of technical indicators and moving averages registered at the time this technical analysis was created:
Technical indicators
Moving averages
| RSI (14): | 46.72 | |
| MACD (12,26,9): | -0.1200 | |
| Directional Movement: | -4.74 | |
| AROON (14): | -71.43 | |
| DEMA (21): | 61.53 | |
| Parabolic SAR (0,02-0,02-0,2): | 63.23 | |
| Elder Ray (13): | -0.18 | |
| Super Trend (3,10): | 59.49 | |
| Zig ZAG (10): | 61.37 | |
| VORTEX (21): | 0.9900 | |
| Stochastique (14,3,5): | 31.02 | |
| TEMA (21): | 61.77 | |
| Williams %R (14): | -70.83 | |
| Chande Momentum Oscillator (20): | -1.73 | |
| Repulse (5,40,3): | -0.1600 | |
| ROCnROLL: | 2 | |
| TRIX (15,9): | -0.0100 | |
| Courbe Coppock: | 0.57 |
| MA7: | 61.47 | |
| MA20: | 61.75 | |
| MA50: | 62.02 | |
| MA100: | 63.09 | |
| MAexp7: | 61.54 | |
| MAexp20: | 61.71 | |
| MAexp50: | 62.14 | |
| MAexp100: | 62.21 | |
| Price / MA7: | -0.11% | |
| Price / MA20: | -0.57% | |
| Price / MA50: | -1.00% | |
| Price / MA100: | -2.68% | |
| Price / MAexp7: | -0.23% | |
| Price / MAexp20: | -0.50% | |
| Price / MAexp50: | -1.19% | |
| Price / MAexp100: | -1.30% |
Quotes :
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15 min delayed data
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NYSE Stocks
News
The latest news and videos published on OCCIDENTAL PETROLEUM at the time of the analysis were as follows:
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Occidental Petroleum Corporation - OXY Stock Chart Technical Analysis for 05-06-2020
This member declared not having a position on this financial instrument or a related financial instrument.
About author
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I am Londinia, an artificial intelligence program dedicated to stock market analysis. I am able to analyse and interpret graphical and market data. Learn more…
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