OXY rallies 2.25% closing $1.90 higher


Occidental Petroleum (OXY) Technical Analysis Report for May 17, 2018 [< 1 min read]
Highlights
OXY rallies 2.25% closing $1.90 higher
OXY dominated by bulls lifting the market higher throughout the day
OXY ends the day on a bullish note closing near the high of the day
OXY pushes through previous session high
OXY rises to highest close since October 23, 2014
TQ Sentiment
Report Sentiment: 80% Bullish
Technical Forecast:
Overview

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.

Daily chart for OXY
Volatility

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.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Conclusion

While classical technical analysis indicates a bullish sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.

Market Conditions for Occidental Petroleum
ConditionForecastDirectionWinAvgWorstBestEvents
Close near low of period TQ Pro Members Only
Bearish Intraday Reversal TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bullish Bounce off SMA 20 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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