Berkshire Hathaway (BRK.A) (BRK.B) is the biggest shareholder of Occidental Petroleum (OXY) . Warren Buffett's investment giant now controls approximately 25% of the shares -- nothing to sneeze about. Investors all over the world pay attention to the investment decisions of Buffett, the head of Berkshire, so it's worth keeping an eye on Occidental.
Let's review the charts and indicators.
In the daily bar chart of OXY, below, I see a mixed picture. The shares have traded sideways since February and some may consider the price action as a base pattern. Maybe. I can see a saucer-like curve to the price action but my favorite indicators are not confirming things.
First, trading volume looks like it has declined from March. A bottom pattern should see volume expand from the middle of the base.
The daily On-Balance-Volume (OBV) line shows weakness into late June and suggests that sellers of OXY have been more aggressive than buyers -- not the pattern I want to see. The Moving Average Convergence Divergence (MACD) oscillator is bullish but could fade in the days ahead.



