Occidental Petroleum Corporation (OXY) declined slightly in its latest intraday trading after the stock collided with the resistance of its previous 50-day SMA, as it attempts to acquire positive momentum that may help it overcome its negative pressure. This comes under the dominance of a short-term corrective ascending trend, with the price moving alongside a supporting trendline, accompanied by positive signals from the RSI indicators.

 

Therefore we expect the stock to rise in its upcoming trading, but only if it first breaks the resistance level of $43.45, targeting thereafter its next resistance at $46.00.

 

Today’s price forecast: Neutral