OXY dominated by bulls lifting the market higher throughout the day
Occidental Petroleum Corporation (OXY) Technical Analysis Report for Sep 15, 2020 | by Techniquant Editorial Team
OXY ended Tuesday at 10.71 gaining $0.54 (5.31%) on high volume, significantly outperforming the S&P 500 (0.52%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 10.38, the share confirmed its breakout through the previous session high after trading up to $0.50 above it intraday.
Daily Candlestick Chart (OXY as at Sep 15, 2020):
Tuesday's trading range has been $0.68 (6.65%), that's above the last trading month's daily average range of $0.53. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for OXY.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on August 24th, OXY actually lost -0.81% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Occidental Petroleum. Out of 270 times, OXY closed lower 52.22% 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 nine trading days, showing a win rate of 51.85% with an average market move of -0.08%.