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Occidental Petroleum Corporation (OXY) “On a long-term technical basis, the stock (OXY) is trading below its 200-day moving average which generally implies it is in a negative trend. However, the stock has broken up through an important long-term fibonacci resistance level at 16.17 suggesting the long-term down trend could be turning neutral. If this new level of support at 18.27 holds, look for a move higher to the next resistance level at 30.63.
The stock has support at 18.27 and 17.24. If the stock breaks down through support at 18.27 then it will probably continue lower to 17.24. The stock has resistance at 23.40 and at 30.63. If the stock breaks up through resistance at 23.40 then it will probably continue higher to 30.63. The 200-day moving average is at 32.35. This will also act as resistance. The stock is extremely overbought according to the Stochastic Indicator (83.53).”
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