Bullish Reversal Expected for Occidental Petroleum (OXY)

OXY Occidental Petroleum (OXY) experienced a sell off on May 8th, with a decrease of $1.73 (-2.85%). The stock has a very strong support level at $58.64, and I believe that if OXY reaches this level or falls slightly below it, a bullish reversal is likely. This pattern is similar to what happened on May 4th, 2023. Traders should also be aware that OXY is scheduled to report earnings after the closing bell tomorrow.

We anticipate a potential bounce for OXY at the strong support level of $58.64. If the stock hits this level or falls slightly below it, we expect a reversal to the upside, similar to the price action observed on May 4th, 2023. Our target prices for this bullish reversal are:

1. Target Price 1: $60.11
2. Target Price 2: $61.16

Occidental Petroleum is set to release its earnings report after the bell tomorrow. This event could introduce additional volatility and impact the stock's price in either direction. Traders should monitor the situation closely and be prepared to adjust their strategies based on the earnings results.

In summary, this trading idea suggests a bullish reversal for Occidental Petroleum (OXY) at the strong support level of $58.64, based on the technical analysis from May 8th. However, traders should be cautious and prepared to adjust their strategies in response to the company's earnings release tomorrow, which could lead to increased volatility in the stock's price. As always, it is essential to manage risk and maintain proper trading discipline when executing any trading idea.