FREE Guide: 6 Fibonacci Types that Create the Most Precise Price Levels, Targets, and Reversal Zones

August 4 Chart of the Day - Occidental Petroleum

Occidental Petroleum (OXY) reported mixed second-quarter financials Wednesday, slightly missing on profit expectations.  But the reason this company is making headlines this week is because it's reported to be Warren Buffett's "favorite energy stock..."

From a price action technical analysis perspective, so long as there is enough historical data, to us a chart is a chart is chart.

So we set out to identify price levels of interest in both directions on a macro higher time frame basis.

Below is our take on the bigger picture.

So what's next?

Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.

  1. Support/Resistance
  2. Trend
  3. Fibonacci 
  4. Supply/Demand Zones,
  5. Change Control Zones

Take a look at the charts and let us know what you think.  

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