Daily Stock Report

Occidental Petroleum Corp. - (OXY) - June 28, 2021 

Occidental Petroleum (OXY) continues to steadily march toward the top of the Green Favored Zone of the SIA S&P 500 Index Report. On Friday, the shares finished in 7th place, up 3 spots on the day and up 245 places in the last month. 

Occidental Petroleum (OXY) staged a major breakout last week over $42.50, completing a bullish Ascending Triangle pattern.

Not only did this end a three-month period of consolidation, it signaled the start of a new upleg within an upward trend of higher lows that started in late 2020. 

Upside resistance may first appear near the $40.00 round number, then near $42.50 and $47.50 on trend where previous highs and measured moves converge. Initial support appears near $30.00. 

Back in February, Occidental Petroleum (OXY) shares snapped a long-term downtrend line, signaling that a new uptrend had commenced. After rallying into March, the shares then spent three months consolidating their gains.

Last week, OXY broke out over $31.25, completing a bullish Spread Triple Top pattern and signaling that accumulation has resumed. 

Initial upside resistance appears in the $40.00 to $40.45 area between a round number and a horizontal count, then near $42.10 and $46.45 where previous column highs converge with horizontal/vertical counts. Initial support appears near $30.00 a round number and previous breakout point. 

With a perfect SMAX score of 10, OXY is exhibiting strength across the asset classes. 

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.