Oil market volatility is as calm as a farm. Watch Buffett's OXY this week
Oil market volatility is the lowest since June 2015. The oil price is down 5% from April and trades at $82, while Warren Buffett's majority owned Occidental $Occidental Petroleum(OXY.US$ is trading down 13%. Berkshire owns 29% of OXY. Its three day chart says $Occidental Petroleum(OXY.US$ is oversold.
If China stim' comes in this week amid its third plenum, and if geopolitical risks rise and offset concerns of slowing economic growth. Things could change. Quickly. But for now, we like oil prices and vol' being lower.
$Occidental Petroleum(OXY.US$ is worth watching
$Occidental Petroleum(OXY.US$'s 3-day chart says its oversold
$Occidental Petroleum(OXY.US$'s 5-year chart suggests OXY is looking for its next signal
The large insto' transactions of late, were mostly BUYs with Berkshire buying more shares before June 30.
Options suggest $OXY could get back to $62.50.
If oil's price rises, expect OXY's options for upside to rise
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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Moomoo Official Market Strategist
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