Occidental Petroleum tries to vent off oversold saturation - Analysis - 24-06-2022

Occidental Petroleum's stock (OXY) rose after billionaire Warren Buffet bought some shares in the energy company according to the Wall Street Journal, marking a profit of 0.57%, or 32 cents, and settling at 56.09, with trading volumes surpassing 36.8 million shares, above 10-day averages of 34.5 million shares. 

The stock is hurt by piercing the downward short-term trend line, with negative pressure from the 50-day SMA, while recouping some recent losses, and venting off oversold saturation in the RSI amid positive signals from the RSI.

Therefore we expect the stock to return lower, targeting the first support at 51.53, provided the resistance of 63.00 holds on.

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Expected trend for today: Bearish