Occidental Petroleum is the top performing member of the S&P 500 so far this year with a gain of 122 percent. It's drifted in the last few months, but now some interesting patterns may be appearing on the chart again.

First is the tight consolidation at the 50-day and 100-day simple moving averages (SMAs). OXY has remained close to both following its big rally in the first quarter, which may reflect limited selling pressure.

The stock is now back above both SMAs after making higher lows in June and July. Also notice how the troughs form a trend line along with the April low.

This consolidation phase has compressed Bollinger Band Width. Such a volatility squeeze may create the potential for prices to expand -- especially after closing at the top of the recent range.

Finally, the 8-day exponential moving average (EMA) is back above the 21-day EMA and MACD is rising again. Those patterns may suggest short-term momentum is turning bullish again.

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