Must Know Things for OXY Stock

OXY stock price is rising through an interesting increasing pattern and if it follows, the stock will try for the $75 mark. Recently, Zacks.com visitors have been closely monitoring the performance of Occidental Petroleum Corp. (NASDAQ: OXY) stock. So let’s understand the analysis for the long and short-term performance of the OXY stock.

In the last month, Occidental Petroleum Corp., the company that explores and produces oil and gas, saw its stock go up by 3.70%. This is better than the Zacks S&P 500 composite, which only increased by 0.1% during the same time. The industry Occidental belongs to, which is the United States integrated oil and gas industry, went up by 3.3% in this period. This leads to speculations about the direction of Occidental Petroleum stock in the near future.

While media reports or rumors about a company can cause its stock to move and result in quick price changes, the long-term decision to buy and hold a stock is typically influenced by fundamental factors.

OXY Stock price was at $67.30 and gained 1.48% of its market capitalization during Thursday’s trading session. Trading volume can be seen above average which signifies the accumulation rate of buyers during the intraday trading session. Meanwhile, OXY is trying to maintain its recovery inside an ascending parallel channel over the daily time frame chart.

Will Occidental Petroleum (OXY) Stock Reach the $75 Mark?

Occidental Petroleum Corporation, OXY stock price is recovering through an ascending parallel channel over the daily time frame chart. Meanwhile, OXY share price is surging towards the $67.93 primary resistance level. If it sustains at the primary resistance then OXY may recover towards the $75 mark through the $70.45, $72.25, and $74.65 resistances on its way. Meanwhile, OXY shares are trading above the 20, 50, 100, and 200-day daily moving averages.

OXY stock price has gained 3.06% in a week and 3.70% in a month. Moreover, OXY shares managed to increase by 14.65% in the last three months and 14.11% in last six months. In addition, Occidental Petroleum’s stock price surged around 8.03% year-to-date. This confirms that Occidental Petroleum stock may recover maximum in 2023.

Technical indicators suggest a strong upside trend for OXY stock. The relative strength index and moving average convergence divergence both confirm the upward momentum of Occidental Petroleum stock.

RSI was at 64 and is moving towards the overbought territory. The MACD line above the signal line after a positive crossover. Investors in Occidental Petroleum Corp. (NASDAQ: OXY) need to wait until OXY shares sustain at the primary resistance level.

Summary

OXY stock price is rising through an interesting increasing pattern and trying for the $75 mark if this follows up. This is better than the Zacks S&P 500 composite, which only increased by 0.1% during the same time. Meanwhile, the OXY share price is surging towards the $67.93 primary resistance level. In addition, Occidental Petroleum’s stock price surged around 8.03% year-to-date. Technical indicators suggest a strong upside trend for OXY stock.

Technical Levels

Support Levels: $66.00 and $65.95

Resistance Levels: $67.93 and $70.50

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 or stock comes with a risk of financial loss.