Keep an eye on Occidental Petroleum (SYM: OXY).
After finding strong support at around $55, OXY is just starting to pivot higher again. It’s also starting to pivot from over-extensions on RSI, MACD and Williams’ %R. Plus, with the stock this low, we wouldn’t be shocked if Warren Buffett’s Berkshire Hathaway stepped in to buy more.
Helping, the company recently beat earnings expectations and raised its production and capital spending plans for the year after closing its $12 billion CrownRock acquisition.
“Occidental said the deal will increase its production by ~5% to 1.29M-1.34M boe/day in 2024, raising its footprint in the Midland side of the Permian Basin by ~25% and quadrupling its production from the eastern part of the basin, but analysts had expected to see 170K boe/day from the acquired assets,” as noted by Seeking Alpha.
