Short term view - OCCIDENTAL PETROLEUM CORP : The gap could announce a bearish reversal
The trend has been momentarily interrupted by a correction. It approaches the support at $75.40, which also is the invalidation level. It should cause a bounce and resume the bullish trend. The next target is at $90.60. The invalidation level is below $75.40.Arguments :
- The resistance has been reached, it causes the fall.
- The moving average is supporting prices.
- The gap being opened could announce a bearish change in the trend, should it remain open in the coming days.
Occidental Petroleum has three reporting segments: oil and gas, which explores for, develops and produces oil and condensate, natural gas liquids (NGL) and natural gas; chemical, which mainly manufactures and markets basic chemicals (chlorine, caustic soda, chlorinated organics, potassium chemicals, ethylene dichloride, chlorinated isocyanurates, sodium silicates and calcium chloride) and vinyls (vinyl chloride monomer, polyvinyl chloride and ethylene); and marketing and midstream, which purchases, markets, gathers, processes, transports and stores oil, condensate, NGL, natural gas, carbon dioxide and power.
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