Occidental Petroleum update
Last time price was this low was in February 2009. With global growth worries as banks across the globe started to cut rates this summer, oil prices took another blow and stock of Occidental followed. A major level is at $40 where a great risk-reward buying opportunity, if the level holds.
On the technical side, stock is oversold on indicators and waiting for the reversal pattern on smaller time frames.
Major banks downgraded Occidental stocks 'from Buy to Neutral' in the first quarter of 2019 with price target ranging $55-$70. As the price hits support and global growth picks up would be a great opportunity to ride the wave here. Good Luck!
On the technical side, stock is oversold on indicators and waiting for the reversal pattern on smaller time frames.
Major banks downgraded Occidental stocks 'from Buy to Neutral' in the first quarter of 2019 with price target ranging $55-$70. As the price hits support and global growth picks up would be a great opportunity to ride the wave here. Good Luck!
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