X

Select the account you'd like to open

Technical analysis

Chart Analysis - Week Ahead 10 October 2022

Occidental Petroleum Oil

Check out the trading idea of the week below, by your friendly, neighbourhood market analyst!

Trading Idea of the Week

(NYSE:OXY - Occidental Petroleum Corp - BULLISH BIAS

  • Key levels on the chart - consider taking trades from key support/resistance zones.
  • Occidental Petroleum is a US oil giant focused predominantly on shareholder returns through dividends, share buybacks and debt repayment.
  • Sky high oil prices and tight supply make oil an appealing investment, with OPEC+ reducing global oil supply by 2 million barrels per day, creating higher demand with lower supply, sending oil prices higher with the aim to place a restrictive floor around the $80 mark.

  • A decade of low oil prices of ever-increasing ESG concerns has caused a structural undersupply of fossil fuels. Conflict in Eastern Europe has put further pressure on oil supply across Europe.

  • Increased oil and gas pricing globally has made Occidental a cash printing machine in 2022.​


Disclaimer: CMC Markets is an order execution-only service. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although we are not specifically prevented from dealing before providing this material, we do not seek to take advantage of the material prior to its dissemination.

Sign up for market update emails