Will Occidental Petroleum (OXY Stock) reach the 59 level?

AAATrade Team AAATrade

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.

Author

AAATrade Team

AAATrade

The AAATrade Team has extensive experience in content writing for the financial industry. Stelios Nikolaou is the lead writer of the team, he currently works at AAATrade to provide research and content writing services.

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