Stock Charts to Watch: Occidental Petroleum (OXY)
Click to EnlargeLike Time Warner, Occidental Petroleum (OXY) is an inexpensive stock that’s trading just below resistance. Occidental has multiple attempts to take out the $98 level in the past year, including one short-lived breakout in November that reversed the next day.
OXY stock is in a position to trade higher in a favorable market, given that its moving averages are headed higher, its estimates are rising and its forward P/E is a reasonable 13.3.
And Occidental isn’t alone. Other energy stocks that could be in line for a possible breakout in the coming weeks include Chevron (CVX), National-Oilwell Varco (NOV) and Pioneer Natural Resources (PXD).