Trend reversal for Occidental Petroleum soon?
MACD is turning up for daily chart and weekly chart
Since March 2022 - Sept 2024, the price has been moving in this box range, if this time the price could be supported at the lowest point, the reversal of trend is expected
Fibonacci retracement for the long term trend was never more than 0.382 retracement and stay horizontal in the box range.
Support and resistant indicate with red and green lines at the right side
OXYD trade ideas
OXY : Booked a profit of about 12.37% on the invested capitalClosed this position yesterday. Booked a profit of about 12.37% on the invested capital. I'll be booking profits in US stocks aggressively in the coming days as soon as they reach key inflection levels. I do expect a reversal and sell-off in the US market in the near future.
I'll consider a re-entry if price falls back to the low of the channel.
📢📢📢 If my perspective changes or if I gather additional fundamental data that influences my views, I will provide updates accordingly.
Thank you for following along with this journey, and I remain committed to sharing insights and updates as my trading strategy evolves. As always, please feel free to reach out with any questions or comments.
Other posts related to this particular position and scrip, if any, will be attached underneath. Do check those out too.
Disclaimer: The analysis shared here is for informational purposes only and should not be considered as financial advice. Trading in all markets carries inherent risks, and past performance is not indicative of future results. It's essential to conduct your own research and assess your risk tolerance before making any investment decisions. The views expressed in this analysis are solely mine. It's important to note that I am not a SEBI registered analyst, so the analysis provided does not constitute formal investment advice under SEBI regulations.
Digital and technical analysisWe see that there is a lack of momentum and we are in a major correction