Occidental Petroleum Corporation (OXY) stock price edged slightly lower in its latest intraday trading, as the stock attempts to gather positive momentum that may help it recover and rise again. At the same time, it is trying to relieve some of the clear overbought pressure indicated by the RSI, especially as negative signals begin to emerge, with the decline finding support from the 50-day SMA, while the short-term corrective uptrend continues to dominate and the stock trades along a supportive upward sloping line.
Therefore, we expect the stock price to rise in its upcoming trading, as long as it remains stable above the $42.30 support level, targeting the key resistance level at $47.30.
Today’s price forecast: Bullish