Occidental Petroleum (OXY) Among Top Investments of 2023! – OXY Stock Price Inside an Interesting Channel

Occidental petroleum (OXY) stock is among top investments of 2023 and OXY stock price may recover maximum providing maximum returns during 2023, reports highlighted.
OXY stock had also been preferred by Warren Buffett the strongest trader around the globe, this shows the potential of OXY shares.
The American corporation Occidental Petroleum Corporation is involved in petrochemical production in the United States, Canada, and Chile as well as hydrocarbon exploration in the Middle East and the United States.

Occidental Petroleum (OXY) is an American multinational oil and gas exploration and production company. The performance of a company’s stock is influenced by a variety of factors, including overall economic conditions, industry trends, and the company’s financial performance and growth prospects.

OXY stock price was at $64.24 and has lost 0.57% of its market capitalization during the day’s trading session. Trading volume can be observed below average and needs to grow in favor of buyers for OXY shares to soar towards the upper trendline over the daily time frame chart.

OXY stock price can be seen trading inside the disjoint parallel channel making the peaks, marked as 1,2,3 and 4 over the daily time frame chart. OXY stock price is currently trading with downtrend momentum as sellers are trying to pull the stock price towards the lower trendline of the disjoint channel.

Buyers need to accumulate themselves to recover OXY stock price towards the upper trendline and register its breakout from the channel. Meanwhile, OXY share price is trying to sustain at 20, 50 and 100-days Daily Moving Average, while the share price is ahead of the 200-day DMA.

Ownership Structure for OXY Stock Price (Occidental Petroleum Corporation)

The most influential stakeholder groups in Occidental Petroleum Corporation (NYSE:OXY) should be known to all investors. We anticipate insiders to possess a sizable portion of the smaller companies, while institutions will frequently hold stock in larger ones. Companies with a history of being publicly traded typically have less insider ownership.

Occidental Petroleum is a sizable organization. Its market value is US$58 billion. A corporation of this size typically has a large portion owned by institutions. Examining our ownership group data (below), it appears that institutions own stock in the company. To learn more about Occidental Petroleum, we can focus on the various ownership groups.

Many institutions use an index that roughly represents the local market when evaluating their performance. As a result, people frequently pay closer attention to businesses that are listed on significant indices.

We can see that institutional investors indeed own stock in Occidental Petroleum to push OXY Stock Price, and that they do so to a significant extent. This suggests that the stock has been examined by the analysts employed by those institutions, and they like it. They might be mistaken, just like everyone else, though. There is always a chance that a stock owned by numerous institutions is in a “crowded trade.” When a trade like this goes bad, several parties might compete to sell stock quickly. In a business without a track record of expansion, this risk is greater.

Top 25 Shareholders Own 65.13% of the company (Occidental Petroleum Corporation)

You can see the top 10 shareholders of Occidental Petroleum Corporation which includes some big names like: Berkshire Hathaway Inc. Dodge & Cox, The Vanguard Group, Inc., BlackRock Inc. and many more.

OXY Stock Price: Exclusive Technical Analysis

OXY stock price has been trading inside the disjoint parallel channel over the daily time frame chart. The losing momentum of buyers can be seen as sellers have been pulling OXY share price towards the lower trendline of the Disjoint parallel channel over the daily chart.

Technical indicators suggest the downtrend momentum of OXY stock price. Relative Strength Index (RSI) is at 49 and is heading below neutrality to reach the oversold territory. MACD exhibits the downside momentum of OXY stock price. The MACD line is below the signal line and is waiting for any crossover. Investors in OXY stocks need to wait until the OXY stock price either breaks out or breaks down of the disjoint parallel channel.

Summary

OXY stock price has been trading inside an interesting disjoint channel with an upper and a lower trendline over the daily time frame chart. The channel patterns are basically the continuous fluctuation of any stock or share price between two trend lines over the charts. We can see that institutional investors indeed own stock in Occidental Petroleum to push OXY Stock Price, and that they do so to a significant extent. The losing momentum of buyers can be seen as sellers have been pulling OXY share price towards the lower trendline of the Disjoint parallel channel over the daily chart. Investors in OXY stocks need to wait until the OXY stock price either breaks out or breaks down of the disjoint parallel channel.

Technical Levels

Support Levels: $62.00 and $60.00

Resistance Levels: $65.00 and $68.00

Disclaimer

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

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing