USO while the middle east, the Houthi rebels and the Suez Canal shipping quagmire affect oil liquidity globally and prices at the pump continue to be volatile the federal government seeks contracts to restore the national strategic reserves depleted in the last supply demand challenge while the presidential and congressional election cycle starts warming...
OXY is on the verge of breaking through a major resistance line which was first touched over a decade ago. As the daily chart repeatedly bumps up against, but not crossing, this key resistance line, multiple factors make OXY a screaming buy.
On Thursday January 11th ( earlier today) WTI Crude prices gyrated widely likely in reaction to US /UK intervention on the terrorists who seized a tanker on the behalf of Iraq in the Red Sea / Suez Canal area putting shipping and supply concerns into the oil industry to offset any weak demand. The 15 minute chart shows a megaphone pattern as a...
building positions with macd and fibonacci (50% break out). w/ all the fundamental reasons:) rising inflation theme. Bullish TNX momentum etc. u could buy big oil, oil drillers or NRGU. Beginning at feb or march; XOM was +15%. high probability.
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Seems like double bottom could be forming after rejecting a major S/R zone. Trend line as a first target. Final target at $66,7.
OXY is defending a major support once again after completing a bullish shark 2 months ago. We are bullish on US Oil already and these stocks are looking ready also. Bullish convergence at a major support level with a completed type 2 Bullish Shark.
CVX today dropped suddenly for unclear reasons. The possibility of a Israeli - Hamas War cease-fire may have led to expectations that oil prices would fall as the shipping quagmire in the Red Sea might stabilize. Later in the day OPEC+ announced a raised target of $ 1.00 per barrel higher which on balance seems to be an offset maneuver. CVS in the ...
If you haven`t bought OXY before the last run: Then analyzing the options chain and the chart patterns of OXY Occidental Petroleum prior to the earnings report this week, I would consider purchasing the 60usd strike price Calls with an expiration date of 2024-5-17, for a premium of approximately $2.32. If these options prove to be profitable prior to the...
To be successful on Wall Street, it is important to be flexible and be able to recognize changing market winds - the patterns that tell investors when to get in and out of the market. Sometimes a breeze is a warm and inviting wind: assets rise in value, and it seems that everyone is making money. Other times, it turns into a violent storm, leaving in its wake...
The US Energy Department has announced open bids for oil contracts to replenish the national strategic reserve which was depleted during the prior run up on global oil prices. This is a sure sign that the feds think that spot oil has but in a bottom especially in the context of shipping disruptions and higher insurance costs due to terrorism /piracy in the...
My intention is to dollar-cost average on NYSE:OXY throughout this quarter. I'm aiming to acquire shares of this stock at a maximum price of $61 per share. Anticipating increased tension in the Middle East, especially around the Suez Canal, I foresee a potential disruption in hydrocarbon supply, likely impacting oil prices, whether significantly or...
Technical Analysis Description: NYSE:OXY Seeking Fibonacci Support at 0.618 Level, Specifically at $60.39 Occidental Petroleum Corporation ( NYSE:OXY ) is currently at a critical juncture on its price chart as it seeks potential support at the 0.618 Fibonacci retracement level, which corresponds to a specific price of $60.39. This level is significant in...
In the last few months we've seen two bullish formations. W Formation first and recently a Cup & handle. The price has broken above the neckline and brim level, and now the price seems to be retracing to a conservative level of entry. With the higher lows and clear signs of demand, it looks like this market is poised for growth. 7>21>200 RSI>50 - Higher...
In the Occidental Petroleum chart, bulls have displayed renewed strength since early September, which needs to be sustained. The turquoise wave B is expected to reach higher, stopping just shy of the $77.13 resistance level. Following this peak, substantial declines are anticipated, potentially dropping below $54.35. Should the price manage to break above the...
🔹Breakout resistance at 65.90, indicating a potential further rise, and potential support at 65.90 in case of NEGATIVE reactions. 🔹POSITIVE volume balance indicates higher volume on rising days. 🔹The RSI curve indicates a positive trend, indicating a rising trend. 🔹Technically POSITIVE for the short term. Chart Pattern: ◦ DT: Double Top | BEARISH | 🔴 ◦ DB: Double...
In late July I made a call that oil's actual target in the imminent term is not $100+, but actually a 3 or a 4-handle. Oil - A New Long Leg Down Soon Begins I believe that this long term analysis is still correct. However, price action has shown that the target was finally the daily gap at $85 and was achieved last week. Thus far in some 7 weeks of...
🔹Rectangle Formation produced a POSITIVE signal at a breakout resistance of 160. 🔹Marginally broken up through resistance at 164, next resistance at 173. 🔹RSI curve indicates a rising trend, indicating an early indication of a possible upward trend reversal for the price. 🔹Technically POSITIVE for the medium long term. Chart Pattern: ◦ DT: Double Top | BEARISH |...