Medium term view - OCCIDENTAL PETROLEUM CORP : The resistance has been reached.
Peaks and troughs overlap, they still define a bearish trend but it could also be an exhaustion. The next target is at $52.80. The invalidation level is above$65.80.Arguments :
- The resistance has been reached.
- The moving average is capping prices.
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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