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Occidental Petroleum building in Los Angeles (Kevork Djansezian)
Occidental Petroleum building in Los Angeles (Kevork Djansezian)

What the Charts Say

Bullish on Occidental Petroleum Add to ...

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.

Follow on Twitter: @RonsBriefs

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