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.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones,
- Change Control Zones
Take a look at the charts and let us know what you think.
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