OXY soars, gaining $0.93 (8.68%) within a single day on high volume
Occidental Petroleum Corporation (OXY) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, OXY ended Wednesday at 11.64 surging $0.93 (8.68%) on high volume, notably outperforming the S&P 500 (-0.46%). This is the biggest single-day gain in over a month. The last time we've seen such an unusually strong single-day gain on July 21st, OXY actually lost -2.64% on the following trading day. Closing above Tuesday's high at 10.89, the market confirmed its breakout through the prior session high after trading up to $1.14 above it intraday.
Daily Candlestick Chart (OXY as at Sep 16, 2020):
Wednesday's trading range has been $1.37 (12.6%), that's far above the last trading month's daily average range of $0.58. Weekly volatility is also higher, being slightly above 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 White Candle.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Occidental Petroleum. Out of 309 times, OXY closed higher 50.81% of the time on the next trading day after the market condition occurred.