RB Trading

The author presents a bullish case for Occidental Petroleum (OXY), arguing that the stock is at a critical inflection point and poised for a significant move higher. The analysis is primarily technical, focusing on the stock's price action, support levels, and momentum indicators. The author notes that the $45 level has become a strong support zone, with the stock repeatedly finding buyers there. This level also coincides with the 200-day moving average and a key Fibonacci retracement level, adding to its significance. The author also points to a bullish divergence in the RSI indicator, suggesting that momentum is building for a move higher. Based on this technical setup, the author believes that OXY could rally to the $65–$70 range in the coming months.