Occidental Petroleum stock price forecast bearish despite Berkshire Hathaway buying more of its stock
Technical Analysis Summary Occidental Petroleum: Sell
| Indicator | Value | Signal |
| RSI | Neutral | |
| MACD | Sell | |
| Donchian Channel | Sell | |
| MA(200) | Buy | |
| Fractals | Sell | |
| Parabolic SAR | Sell |
Chart Analysis
The technical analysis of the Occidental Petroleum stock price chart on daily timeframe shows #S-OXY,Daily is retracing down toward the 200-day moving average MA(200) after hitting four and half year high seven weeks ago. We believe the bearish momentum will continue after the price breaches below the lower boundary of Donchian channel at 54.30. This level can be used as an entry point for placing a pending order to sell. The stop loss can be placed above the fractal high at 68.76. After placing the order, the stop loss is to be moved every day to the next fractal high, following Parabolic indicator signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level (68.76) without reaching the order (54.30), we recommend cancelling the order: the market has undergone internal changes which were not taken into account.
Fundamental Analysis of -
Occidental Petroleum Corporation stock gained after the news Warren Buffett's Berkshire Hathaway boosted its stake in the company to 16.3%. Will the Occidental Petroleum stock price retreating reverse?
Occidental Petroleum Corporation is an American energy company engaged in the hydrocarbon exploration and petrochemical manufacturing. Company’s market capitalization is $52.27 billion. Occidental Petroleum Corporation’s stock trades at price-to-earnings (P/E) ratio of 8.34 for trailing twelve months (ttm). Over the past 12 months, it has generated revenue of $29.01 billion, Return on Assets (ttm) of 5.96% and Return on Equity (ttm) 34.1%. Warren Buffett's Berkshire Hathaway Inc bought another 9.6 million shares of Occidental Petroleum by spending about $529 million, Berkshire said in a regulatory filing on Wednesday. Berkshire now owns 16.3% of Occidental shares worth about $8.52 billion based on Occidental stock's Wednesday close. Stock price closed up 0.57% over day after the news.