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.
OXY had a doji reversal candle on the weekly with a body pretty close to the center, not tremendously bearish long term but definitely made sense for a pullback. There is a ton of historical price action here and I expect a bounce and continuation around this level. My target for the year of 74+ dollars remains.
-I did sell 66% of my 70$ Jan 2025 calls on the...
OXY here on a weekly trendline
Bullish here at $56 to target 90.81 within a few months
Personally grabbed Jan 2025 calls
I think we either get a DIRECT bounce from this spot, OR we see a failed breakdown scenario first, but ultimately the target is the same.
OXY is very extended relative to its moving average ribbon. But the breakout looks promising for a long. Look for consolidation for a few days or a pull back to its 13 EMA to enter long on the the multi year breakout. I traded the fake breakdown on a recession signal a few months ago and now its time to trade the possible breakout on more inflation!
To be clear...
Fractal move from previous all time high could play out ( blue 🔵 line). Also we can see a breakout from a bull flag that could take us to all time hight now that the energy sector is heating🌡️up. In the shorter term we see a minor retracement to recent break out support line that was previously resistance. Upper Bollinger band is current short term resistance point
🔉Sound on!🔉
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I have decided to cover my initials since I am up 500$ per contact on these 70$ Jan calls. I am able to utilize this cash for more CLSK limit orders on the dip. I plan on keeping the other 66% of my OXY calls until at least my initial yearly target of 74$. I will then layer out and lock in the win. Congrats to anyone who used demand zones to buy into this...
My first target for the year just hit on OXY, my setup is 70$ calls in Jan. I plan on holding these longer since the oil reversal was so strong. My next target is 73.5$ which was my hopeful target for the year, but at this rate OXY could hit 80 plus dollars. This slow accumulation and dip into demand over and over is what caused this move, this alongside the oil...
This is a multi-year consolidation here that is on the cusp of breaking out.
Oxy over 66 triggers a breakout move into 73.14 where a multi-decade trend line will be tested. If bulls overcome that level the next target is 90.71
I do not think it is too late to reap the rewards, And I do not think there will be better opportunities to enter ever again. I believe oil is starting its third wave.
Bullish engulfing candle on the weekly here, and also on USOIL.
Long term support held, and failed to break down. There will be consequences for bears.
I think it is important to own an oil...
OXY confirmed the wedge breakout on the weekly. I have a bunch of 70$ calls for Jan 2025, I wanted to tie up less capital to bet on oil prices increasing. This is the benefit of options vs spot. I can risk less money for more upside than just buying spot. Breakouts on longer-term time frames are much more reliable than lower term.
-Price targets remain 65$ short...
Exploring the financial indicators and market behaviors of Occidental Petroleum Corporation (OXY) and Diamondback Energy, Inc. (FANG) offers crucial insights for investors looking to optimize their investment strategies in the energy sector. This analysis highlights the strengths and weaknesses of these companies, guiding investors towards making informed...
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.
