Weekly Newsletter   Challenge account   Weekly Newsletter   

Technical view: Occidental Petroleum Corporation (OXY)

Technical view

OXY is in stage #3. It bounced off its support at $62 a share and now going higher. It is also sitting at the 50-day MA support (on the daily and weekly chart). It may continue going higher until $73 level again.

Technical view weekly

Technical view weekly

Based on the valuation of the company trading significantly below its fair value, the stock still may go higher, but I do not expect it. The fair value in 2022 was estimated at $148 a share, and the stock failed to reach it. The 2023 fair value is calculated at $111 a share and earnings are expected to be dropping in 2023 (-33%), 2024 (-21%), and 2025 (-18%). With declining oil prices, declining earnings, and fair value estimates, I expect the stock to start declining too.

Technical view weekly

The stock is now SELL

This post was published in our newsletter to our subscribers on Sunday, January 20th, 2023. If you want to learn more about our stock technical analysis subscribe to our weekly newsletter.

Leave a Reply

Your email address will not be published. Required fields are marked *