The Greedy Trader Weekly Analysis
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Quarterly Price vs. Fibonacci:Near 61.8% retracement level
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Stock market trading indicator and technical analysis stock screen presents technical stock market timing signals for technical investment analysis like screen stochastic or moving average trading system.. Screen includes following popular indicators and trading systems: Relative Strength Index (RSI), Williams' Percentage Range (W%R) and Lane's Stochastic (%D–Slow), moving average, macd convergence divergence, bullish and bearish divergence. For the best result different technical indicators should be analyzed in different time frames together with trend analysis, sector/industry ranking and stock timing alerts.

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- 4/5/2024 -
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Occidental Petroleum (OXY) Technical Analysis

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Summary:
Weekly :Overbought sectorWilliams' Percentage Range is overboughtLane's Stochastic is strongly overboughtBroken trend resistance line
Daily :Broken uptrend resistance line - uptrend exhaustionRelative Strength Index and Williams' Percentage Range are overboughtLane's Stochastic is strongly overboughtLane's Stochastic bearish divergenceThe price is above the upper Bollinger Band
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It was a fourth consecutive positive week for the Occidental Petroleum (OXY). During the week, the OXY gained 4.26 points, or 6.55%, and closed at 69.25 on Friday, April 5, 2024. OXY was trading at average weekly trading volume.

OXY is a member of Energy Sector. Energy is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See OXY long-term trend chart]
A long-term uptrend had started on October 29, 2020 at 8.52 and reached 77.13 on August 29, 2022. OXY gained -68.61 points, or -805.28%, in 95 weeks. The chart has formed a Symmetric Triangle chart pattern. The trend support level is at 76.48 and resistance is at 62.62. A Symmetric Triangle pattern represents the area of indecision, where the movement direction is questioned. Chart pattern analysis usually considers a symmetric triangle chart pattern as a continuation formation which resolves in the direction of larger trend, but it also may mark the trend reversal. Use the following link to access a Symmetric Triangle chart pattern help, or use a Technical Stock Screener to see the list of stocks with Symmetric Triangle pattern in a long-term trend.

Medium-term trend: [See OXY medium-term trend chart]
A medium-term downtrend had started on August 29, 2022 at 77.13 and reached 55.12 on December 12, 2023. OXY lost 22.01 points, or 28.54%, in 67 weeks. The chart has formed a Descending Triangle chart pattern. The downtrend resistance line (54.96) is broken. Usually a broken resistance is considered to be a long-term bullish signal, but since daily indicators are overbought a short-term pull back is possible. OXY may retest the broken resistance line. It is considered to be a support line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a medium-term trend.

Weekly Technical Indicators: [See OXY weekly technical indicators chart]
Weekly Williams' Percentage Range is overbought while Lane's Stochastic is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range or strongly overbought weekly Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic and Williams' Percentage Range help.

The weekly MACD line is above its signal line since February 23, 2024. The distance between MACD and the signal line is near its high and getting bigger. Use the following link to access a MACD help.

Short-term trend: [See OXY short-term trend chart]
A short-term uptrend had started on December 12, 2023 at 55.12 and reached 69.58 on April 5, 2024. OXY gained -14.46 points, or -26.23%, in 115 days. The chart has formed a Symmetric Triangle chart pattern. The uptrend resistance line (57.03) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a short-term trend.

Daily Technical Indicators: [See OXY daily technical indicators chart]
Daily Relative Strength Index and Williams' Percentage Range are overbought while Lane's Stochastic is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Relative Strength Index and Williams' Percentage Range or strongly overbought daily Lane's Stochastic. Daily Lane's Stochastic has bearish divergence. Use the following links to access the Lane's Stochastic help, or use the Technical Stock Screener to see the list of stocks with daily Lane's Stochastic bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. Use the following link to access Relative Strength Index help.

The daily MACD line is above its signal line since January 24, 2024. This is an indication that the short-term trend is up.

The price has closed on Friday above the upper Bollinger Band. It is considered a bullish signal. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 83.00
Overbought
Williams' Percentage Range (W%R) 17.00
Overbought
Lane's Stochastic (%D-Slow) 90.74
Strong Overbought Bearish
Greed/Fear Indicator (GFI) 85.58
Overbought
Moving Average Converg./Diverg. (MACD) 1.53
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 72.76
Williams' Percentage Range (W%R) 10.90
Overbought
Lane's Stochastic (%D-Slow) 93.44
Strong Overbought
Greed/Fear Indicator (GFI) 83.34
Overbought
Moving Average Converg./Diverg. (MACD) -0.31
Trading Signals
Description Value Chart
Yearly Trendline Support 76.48
Price 69.25
Upper Bollinger Band 69.17
Weekly Stochastic Crossing 68.91
Daily Stochastic Crossing 68.88
Parabolic System 65.03
20 Day Moving Average 64.24
Quarterly Trendline Resistance 62.62
Yearly Trendline Resistance 62.62
50 Day Moving Average 61.18
Lower Bollinger Band 60.04
Weekly Trendline Support 57.03
Sector and Industry
Description Name Rank
Sector Energy 12
Industry Oil & Gas Exploration & Production 114
Daily Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Low 55.53
Low Date 01/18/2024
High 69.58
High Date 04/05/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Symmetric Triangle
Status Broken Resistance
Resistance 53.34
Support 57.03
Low 55.12
Low Date 12/12/2023
High 69.58
High Date 04/05/2024
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 67.67
High Date 09/14/2023
Low 55.12
Low Date 12/12/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern Descending Triangle
Status Broken Resistance
Resistance 62.62
Support 54.96
High 77.13
High Date 08/29/2022
Low 55.12
Low Date 12/12/2023
Description Value
Direction Up
Chart Pattern Symmetric Triangle
Status Valid
Resistance 62.62
Support 76.48
Low 8.52
Low Date 10/29/2020
High 77.13
High Date 08/29/2022
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.