OXY closes lower for the 2nd day in a row
Occidental Petroleum Corporation (OXY) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, OXY finished the month -13.99% lower at 15.74 after edging lower $0.03 (-0.19%) today, underperforming the S&P 500 (0.77%). Closing below Thursday's low at 15.75, Occidental Petroleum confirmed its breakout through the previous session low after trading up to $0.34 below it intraday.
Daily Candlestick Chart (OXY as at Jul 31, 2020):
Friday's trading range has been $0.43 (2.72%), that's far below the last trading month's daily average range of $0.80. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for OXY.
One bullish candlestick pattern matches today's price action, the Takuri Line. The last time a Takuri Line showed up on July 8th, OXY actually lost -5.79% on the following trading day.
While the share is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Takuri Line" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for Occidental Petroleum. Out of 71 times, OXY closed lower 56.34% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 59.15% with an average market move of -1.43%.