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  • Writer's pictureT. Livingston

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.

Disclaimer: This information is issued solely for informational and educational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. None of the information contained in this post constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. From time to time, the content creator or its affiliates may hold positions or other interests in securities mentioned in this blog or the associated Twitter and Instagram feeds. The stock or stocks presented are not to be considered a recommendation to buy any stock or stocks. This material does not take into account your particular investment objectives. Investors should consult their own financial or investment adviser before trading or acting upon any information provided. Past performance is not indicative of future results.


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