OXY rallies 2.25% closing $1.90 higher
Occidental Petroleum (OXY) Technical Analysis Report for May 17, 2018
OXY finished Thursday at 86.16 surging $1.90 (2.25%). This is the biggest single day gain in over a week. Today's closing price of 86.16 marks the highest close since October 23, 2014. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 84.70, Occidental Petroleum confirms its breakout through the prior session's high having traded $1.54 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Thursday's trading range was $1.99 (2.35%), that's above last trading month's daily average range of $1.50. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
While classical technical analysis indicates a bullish sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.