The technical picture of the Occidental Petroleum Corporation stock (NYSE: OXY) on our daily chart shows that from around mid-December, the share price continues to climb higher, while trading above a short-term tentative upside support line taken from the low of December 20th. That said, in order to aim for higher areas, we would first prefer to wait for a push above last week’s high, at 33.81.
If, eventually, that break happens and the price rises above the 33.81 barrier, this will confirm a forthcoming higher high, possibly clearing the way towards higher areas. OXY might travel to the 35.07 hurdle, marked by the high of November 8th, where a temporary hold-up may occur. However, if the buying doesn’t stop there, the next potential target could be the highest point of October, at 35.75.
Although the RSI and the MACD are currently flat, both indicators are showing positive price momentum. The RSI is above 50 and the MACD is fractionally below the trigger line, but remains well above zero. The two oscillators seem to be in support of the above-mentioned scenario.
In order to shift our attention to some lower areas, we would prefer to wait for a break of the aforementioned upside line and then a drop below the 31.10 zone, marked by the high of January 3rd. This way, some buyers might get spooked from the field temporarily and the stock could continue sliding. OXY may fall to the 30.38 obstacle, or to the 29.34 hurdle, which is the low of January 3rd. Slightly below it lies another possible support area, at 28.76, which could provide support, if the above-mentioned ones fail to hold.
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