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Occidental Petroleum (OXY) Just Overtook the 50-Day Moving Average
Occidental Petroleum (OXY - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, OXY broke through the 50-day moving average, which suggests a short-term bullish trend.
One of the three major moving averages, the 50-day simple moving average is commonly used by traders and analysts to determine support or resistance levels for different types of securities. However, the 50-day is considered to be more important since it's the first marker of an up or down trend.
Shares of OXY have been moving higher over the past four weeks, up 7.5%. Plus, the company is currently a Zacks Rank #3 (Hold) stock, suggesting that OXY could be poised for a continued surge.
The bullish case only gets stronger once investors take into account OXY's positive earnings estimate revisions. There have been 8 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on OXY for more gains in the near future.