Occidental Petroleum Corporation (OXY) rose slightly in its latest intraday trading, attempting to recover part of its previous losses. However, the stock remains pressured after breaking a short-term corrective uptrend line earlier, while continuing to trade below the 50-day simple moving average, which reinforces the prevailing bearish momentum. In addition, the RSI shows ongoing negative signals despite reaching heavily oversold areas.

 

Therefore, we expect the stock to decline in upcoming trading sessions, especially if it breaks below the key support level of 42.35, targeting the next support at 40.15.

 

Today’s price forecast: Bearish.