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Occidental Petroleum (OXY) Recently Broke Out Above the 200-Day Moving Average
After reaching an important support level, Occidental Petroleum (OXY - Free Report) could be a good stock pick from a technical perspective. OXY surpassed resistance at the 200-day moving average, suggesting a long-term bullish trend.
The 200-day simple moving average helps traders and analysts determine overall long-term market trends for stocks, commodities, indexes, and other financial instruments. The indicator moves higher or lower along with longer-term price moves, serving as a support or resistance level.
Over the past four weeks, OXY has gained 7.5%. The company is currently ranked a Zacks Rank #3 (Hold), another strong indication the stock could move even higher.
Looking at OXY's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 8 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors may want to watch OXY for more gains in the near future given the company's key technical level and positive earnings estimate revisions.