Potential ‘lower lows’ in big U.S. Oil stocks

As I seek lower prices across the energy complex before being interested in re-entering long positions…..

I’ve posted a chart of Occidental Petroleum (OXY:US) which broadly illustrates the pattern recognition amongst a host of stock prices related to this sector.

It’s a story of ‘higher highs”, ‘higher lows’, ‘lower highs’ and ‘lower lows’.

At this moment, if OXY breaks below $57.43, then the $54’a are tested and below that, the $43 region becomes in play, if not $39.

That’ll upset those who followed in behind Warren Buffett’s news or acquiring OXY shares in mid August 2022, but you need to research the terms which he was buying.

December 23, 2022

by Rob Zdravevski

rob@karriasset.com.au