Occidental Petroleum Technical Analysis (NYSE:OXY)
Technical analysis relies on the belief that future price movements of a stock can be forecasted through the study of historical market data and technical charts. Just by looking at the Occidental Petroleum stock price one can't take a trading decision. A trader needs to find a chart pattern, which is a clear cut pattern formation on the OXY stock chart which creates a trading signal.
See Occidental Petroleum bollinger bands, SMA - 200 day moving average, 50 day moving average and exponential moving averages. Technical analysis essentially tries to study the supply and demand for a particular security and determine the stock trends for that security. Chartists use stock price movements for this form of Occidental Petroleum stock analysis.
Occidental Petroleum Moving Average
Moving averages show the average price of OXY stock over a set time period and help traders see the overall trend by smoothening out the daily variation in price movement. A key factor that impacts moving averages is the lag factor. The 20 day moving average of $72.89 is above the price of $68.16.
Occidental Petroleum Bollinger Bands
Bollinger bands comprise of a center line usually OXY SMA, and two OXY stock price bands above and below it. The stock is considered overbought when the price starts moving closer towards the upper band, and is considered oversold as stock price moves closer towards the lower band. Occidental Petroleum bollinger bands show that the stock price is $68.16, upper band is 79.94, lower band is 65.85, and the average is 72.89.
Occidental Petroleum Moving Average Convergence Divergence or MACD
The moving average convergence divergence or MACD is a technical indicator which helps assess the stock price trend. Traders usually wait for a confirmed crossover signal before entering into a trading position. Divergence implies that the current stock price trend could come to an end, when the stock price diverges from MACD. The Occidental Petroleum MACD indicator can be used to identify bullish and bearish trends for the stock.
Occidental Petroleum Relative Strength Index
This technical indicator compares the relative strength or weakness of a stock. It measures the magnitude of rise or fall in stock price movements . The relative strength index of OXY stock is 23.1.