OXY Forms A High Tight Flag Pattern
Occidental Petroleum, OXY, is setting up extremely well in what looks to be a high tight flag pattern. There a few things that particularly caught my eye about OXY. First off, oil related stocks have been one of the top performing groups of 2022, and it's always nice to have the "wind at your back." Fundamentally, OXY looks as good as it gets. Not only is Occidental Petroleum producing triple digit earnings and sales, their growth is actually accelerating!
OXY's chart is equally impressive to its' fundamentals. From January 24, 2022 to March 23, OXY more than doubled and since then has been consolidating in an extremely constructive manner. The continued support at the 21-day ema is an excellent sign. I will be looking to add to my position in OXY should it clear recent resistance.
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Full Disclosure: I currently own OXY.
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