Descending Triangle with bullish divergence. Breaking out.
Oxy was punished for the perceived over payment of Anadarko Petroleum. Severely undervalued @$40. In 2018 Anadarko had assest value's of 40 billion alone. Occidental had assets valued at 43 billion. At the current price of $41 OXY's market cap is only 36 Billion. Less than half the combined 2018 valuation. Perfect chart setup.
Nota
As predicted a nice breakout. It may take a breather but I believe this will continue. It may take an earnings report that instills some confidence.
Penafian
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Penafian
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.