Skip to main content

Occidental Petroleum Corp. stayed in a trading range – mostly between $75 (U.S.) and $92 for about one year and then in another range between $85 and $99 thereafter (dashed lines). This price action produced a bullish technical pattern known as a Duplex Horizontal formation. The recent rise above $100 signalled bullish investor sentiment and the start of a new major up-leg.

Technical indicators including the 40-week moving average (40wMA) and the MACD (lower panel) confirm the bullish status. Only a sustained decline below $95-$96 would suggest additional base-building is required.

Point & Figure measurements provide targets of $114 and $124. Higher targets are visible.

Monica Rizk is the senior technical analyst for Phases & Cycles Inc. (www.phases-cycles.com). Ron Meisels is a contributor to the www.NA-marketletter.com website and Tweets at @Ronsbriefs. They may hold shares in companies profiled. Please see the site for a glossary.

Story continues below advertisement

Report an error
Comments

The Globe invites you to share your views. Please stay on topic and be respectful to everyone. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.

We’ve made some technical updates to our commenting software. If you are experiencing any issues posting comments, simply log out and log back in.

Discussion loading… ✨