Will Occidental Petroleum (OXY Stock) reach the 59 level?
|Today’s instrument is the Occidental Petroleum stock which is traded in NYSE under the ticker OXY.
Looking at the OXY’s chart, we can see that in the past month, it followed a downtrend, hitting the lastly traded price of around $58.96.
Last night it announced worse than expected quarterly earnings, with EPS to be $1.61 from the estimated $1.81. Today, we could expect a further drop of the share price towards its support level of $58 where we should expect an upward reaction with the possibility to finish at the end of the trading session above the level of $59.
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