OXY (Occidental Petroleum Corporation) – 30-Min Long Trade Setup

🚀
🔹 Asset: OXY – NYSE
🔹 Timeframe: 30-Min Chart
🔹 Setup Type: Bullish Breakout (Ascending Triangle Pattern)

📊 Trade Plan (Long Position)
✅ Entry Zone: Above $47.50 (Breakout Confirmation)
✅ Stop-Loss (SL): Below $46.53 (Key Support Level)

🎯 Take Profit Targets:
📌 TP1: $47.92 (Previous Resistance Level)
📌 TP2: $48.93 (Extended Bullish Move)

📊 Risk-Reward Ratio Calculation
📉 Risk (SL Distance):
$47.50 - $46.53 = $0.97 risk per share

📈 Reward to TP1:
$47.92 - $47.50 = $0.42 (1:0.43 R/R)

📈 Reward to TP2:
$48.93 - $47.50 = $1.43 (1:1.47 R/R)

✅ Favorable Risk-Reward Ratio toward TP2

🔍 Technical Analysis & Strategy
📌 Ascending Triangle Breakout: Price is breaking above the resistance line, confirming bullish momentum.
📌 Support at $46.53: The lower trendline acts as a safety net, keeping the uptrend valid.
📌 Volume Confirmation Needed: Look for above-average buying volume above $47.50 to validate the breakout.
📌 Resistance at $47.92: A move above this will strengthen the bullish case.

📉 Trade Execution & Risk Management
📊 Volume Confirmation: Ensure strong buying volume above $47.50 before entering.
📉 Trailing Stop Strategy: Move SL to break-even ($47.50) after hitting TP1 ($47.92).

💰 Partial Profit Booking Strategy:
✔ Take 50% profits at TP1 ($47.92), let the rest run toward $48.93 (TP2).
✔ Adjust Stop-Loss to Break-even ($47.50) after TP1 is reached.

⚠️ Risks & Considerations
❌ Fake Breakout Risk: If the price fails to hold above $47.50, exit early.
❌ Confirmation Required: Wait for a 30-min candle close above $47.50 before entering.

🚀 Final Thoughts
✔ Bullish Setup – Strong upside potential.
✔ Momentum Shift Possible – Watch for volume confirmation.
✔ Favorable Risk-Reward Ratio – 1:1.47 toward TP2.

💡 Stick to the plan, manage risk, and trade smart! 🚀📈

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