Shares of OXY are up 4.6% in the early going and are heading for the best close since Sept. 30th. This powerful move is driving the stock through a key overhead trendline that links the August/September highs. This is quite a bullish move ahead of tonight’s news.
The scoop: The October close for OXY was its lowest monthly close since December/2005($39.95).
At the October lows OXY was down over 42% from the 2019 highs and off 55% from the 2018 peak($88.00).
Back in 2008 OXY put in three monthly lows(Q3) near $40.00. One year later the stock was trading near $81.00.
OXY has been tracing out a divergent low(daily MACD) since early June.
We are now long OXY in some managed accounts.