Each week, I’ll give an overview of a stock and Licia Leslie will follow that up with a chart analysis the next day. Bill Griffo will chime in with macro analysis and Andrew Giovinazzi will then finish out the week with a volatility breakdown.

Have a stock YOU want us to review? Email my team here. – Mark

Hey Traders,

Licia Leslie in the Pit Report today.

 

Of all the energy/oil stocks, OXY is one of the favorites just because we all know it is a favorite of Warren Buffet.

 

Which pretty much gives it a floor or a price level support where he is a buyer.

 

Here is my pitchfork of OXY which has followed along pretty well going back to last May:

 

 

OXY has been trading in a range of $56.50 to $76.50.

 

That range has narrowed most recently from $68 to $58.

 

Then just last week, OXY broke down below that $58 level trading down to $55.50.

 

The day after that created a bullish engulfing candle which denotes a possible rally which OXY complied and traded back up to almost $61 on Tuesday.

 

Here is my close up daily chart:

 

 

I have a downtrend line that goes back to November 14. 2022.

 

Support comes in at the previous low just made last week at $56.

 

Yesterday’s candle is looking bearish to me and I think OXY wants to retest that low.

 

Below there the next support level comes in at $52.

 

To the upside once OXY clears $60, the 50 day moving average comes in at $62.25 and my next level of resistance is that downtrend line coming in at $63.65.

 

Thanks for Reading, 

 

Licia Leslie