Occidental Petroleum Stock To Test Resistance
| May 11, 2022 06:59AM ET
When we look at the Occidental Petroleum Corporation (NYSE:OXY) chart, we can see after a steady climb from the $60 range to the high of $65, a strong negative reaction during yesterday’s session caused a retraction from the highs to the $57 range where it found support. It was last found trading at the $59.42 range close to the $57 support level, having the closest resistance level at $61.
Occidental Petroleum had scheduled a quarterly earnings announcement yesterday. Both EPS and Revenue exceeded expectations, beating the Q1 estimates. Today we can expect a move close to the $61 range, possibly moving above the closest temporary overhead resistance.
If however, it doesn’t manage to hold on to the current level then a move towards and below the $57 level can be expected.
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