Occidental Petroleum ( OXY) has been in the crosshairs of the financial press ever since Warren Buffett became a major shareholder. Prices have bounced off the $56 level a number of times but is that enough to generate a sustained move higher?
Let's check out the charts.
In this daily bar chart of OXY, below, I can see that prices have been stuck in a $56 to $68 trading range. Prices have traded sideways and have moved above and below the 50-day moving average line and the 200-day moving average line. The trading volume has declined since March and I consider that a sign of weakness.
The On-Balance-Volume (OBV) line declined into late June before improving. The Moving Average Convergence Divergence (MACD) oscillator is above the zero line. 
In this weekly Japanese candlestick chart of OXY, below, I see a mixed picture. The two most recent candles could become a top reversal pattern if or when a bearish candle develops. Prices are trading above the bottoming 40-week moving average line.
The OBV line has moved sideways since early 2022. The MACD oscillator has only recently moved above the zero line.
In this daily Point and Figure chart of OXY, below, I can see an upside price target in the $77 area but a trade at $68 is needed to refresh the uptrend.
In this weekly Point and Figure chart of OXY, below, I can see an upside price target in the $83 area.
Bottom line strategy: In my August 11 review of OXY, I wasn't convinced that it would move higher. I still am not convinced.
