BY LICIA LESLIE
December 15, 2023
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 Trader,
With oil literally moving differently than what we would expect, we have chosen to analyze Occidental Petroleum (Ticker: OXY).
We have a couple wars going, our strategic reserve has been pilfered, OPEC+ holds talks on cutting supply and still oil traded lower.
Crude has just gotten pounded trading straight down since September 28th from a high of $95 to below $68 three days ago.
But I am seeing a bottom taking place here.
Check out my crude futures chart:
They have traded to the bottom of my pitchfork and created a hammer Wednesday.
I think crude is going up from here.
Let’s take a look at OXY:
Wednesday had a beautiful bullish engulfing candle and it gapped higher yesterday.
I have some good resistance at $59.38 which it traded over intraday but closed below.
I would like to see it close above this resistance and I think it will trade up to the 200 day moving average at $61.25.
Trade Accordingly,
Licia Leslie
Licia Leslie
Head of Technical Analysis
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