OXY Update
After the bad reaction from a good earnings call yesterday I entered into a short position on OXY. I did not want to short anything associated with oil or natural gas. this was purely a play off of the technical levels and what the candlesticks' price action was telling me to do.
Before the release of Occidental Petroleum's earnings report it's share price what's consolidating near a very short term resistance level I can see in the chart directly below. Since earnings would be released at this technical level I immediately assumed that they would either be a massive breakout to the upside or a big sell-off after earnings. and ever since commodities have been trending downward I've been more bearish on commodities lately. But I was not going to enter into a long or a short position until the earnings report was released
Before the release of Occidental Petroleum's earnings report it's share price what's consolidating near a very short term resistance level I can see in the chart directly below. Since earnings would be released at this technical level I immediately assumed that they would either be a massive breakout to the upside or a big sell-off after earnings. and ever since commodities have been trending downward I've been more bearish on commodities lately. But I was not going to enter into a long or a short position until the earnings report was released
![OXY Update](https://ussnsimg.moomoo.com/1659650104590-random6119-70107943-android-org.jpg/bigmoo)
The short-term price channel mentioned above is taking place within this head and shoulders candlestick formation in the chart directly below. If Occidental's price breaks below the neckline of this head and shoulders pattern it will be very bearish. Especially since Occidental is at a very high price historically. Also take note of upward trending support level that I've highlighted by the bold purple line. The price is broken down below that short-term trending support. This is a short-term bearish notion.
![OXY Update](https://ussnsimg.moomoo.com/1659650104694-random9933-70107943-android-org.png/bigmoo)
To further add to the bearishness you can see in the two charts below that Occidental share price is at a very high level historically. And this head and shoulders formation is taking place near the very long-term resistance of OXY's all-time complete price history. And as a technical trader like myself when we are near resistance I am watching for rejection or a breakout. This appears to be a rejection so far.
![OXY Update](https://ussnsimg.moomoo.com/1659650104725-random8109-70107943-android-org.png/bigmoo)
![OXY Update](https://ussnsimg.moomoo.com/1659650104756-random5503-70107943-android-org.png/bigmoo)
Basically I'm short-term bearish on OXY. If commodities keep coming down then I will stay bearish on oxy. And remember as a technical trader the bearish stance can change in a heartbeat. I'm just following the technical trends.
$SPDR S&P 500 ETF (SPY.US)$ $SPDR Dow Jones Industrial Average Trust (DIA.US)$ $Invesco QQQ Trust (QQQ.US)$ $Crude Oil Futures(OCT4) (CLmain.US)$ $Exxon Mobil (XOM.US)$ $Chevron (CVX.US)$ $Valero Energy (VLO.US)$ $Phillips 66 (PSX.US)$ $Marathon Oil (MRO.US)$ $Devon Energy (DVN.US)$
$SPDR S&P 500 ETF (SPY.US)$ $SPDR Dow Jones Industrial Average Trust (DIA.US)$ $Invesco QQQ Trust (QQQ.US)$ $Crude Oil Futures(OCT4) (CLmain.US)$ $Exxon Mobil (XOM.US)$ $Chevron (CVX.US)$ $Valero Energy (VLO.US)$ $Phillips 66 (PSX.US)$ $Marathon Oil (MRO.US)$ $Devon Energy (DVN.US)$
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SpyderCall OP : are you still holding oxy? @Dons hobby
if you are still holding oxy then I got something you might want to take a peek at. looks like we have a little short time embarrassed sentiment here in my opinion. I'm no fortune teller with this looks like we might get some more red days. just keep an eye on it
Dons hobby SpyderCall OP : Thanks for looking out bud, I sold it about 2 weeks ago. A few days before it took a dive down to $56.
I appreciate it Spyder thanks bud
SuperMusk : holding until it changes stance in a heartbeat.
102640653 : Just check with u can u help me check on amc . I bought in at 19.10 @1500 shares . How u see the charts. Is it a profit taking . Or is it real selling . Just for advice how do I guide me. My majority holding is amc now . Need some advice. See how charts look like. Thanks. Appreciate
SpyderCall OP 102640653 : let me look. I'll get back to you in a few minutes
102640653 102640653 : Alibaba also did not close well even though results were good . Markets makers r very well controlling it
102640653 SpyderCall OP : Fear is it might move down before spiking up. Previous quarter result was a big spike up. Now look like more controlled by manipulators.
SuperMusk : spyder can u see if this means anything?
SpyderCall OP SuperMusk : very often at the beginning of the day at market open and at the end of the day of market close you will get really big volume candles. this is because many investors already have their orders placed before open to purchase or sell at open. this also happens at closed because traders place their orders to sell or buy at the close of day. so often you will see very big volume candles at the beginning and at the end of market
SpyderCall OP SuperMusk : a lot of other investment platforms give you the option to buy or sell at open or also they allow you to buy or sell at close
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