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NYSE:OXY – Occidental Petroleum Corp – (BULLISH – long term & BULLISH – short term)
- Key levels on the chart – consider taking trades from key support/resistance zones.
- Price is near the 200 moving day average and at a key support level on the daily chart.
- With oil expected to go higher to $110/barrel per reports from major investment banks, we could see a potential bullish move to the upside from oil stocks.
U.S. crude oil slumped last week as data showing a stronger-than-expected rise in U.S. service sector conditions amplified concerns that the Federal Reserve would continue its policy of aggressive interest rate increases.
Investors also weighed the implementation of a $60/bbl price cap on Russian oil by the U.S., European Union and others that could add more volatility to global oil markets.
Enbridge ENB, ENB and Occidental Petroleum’s OXY Oxy Low Carbon Ventures unit said Wednesday that they signed a letter of intent to consider the development of a carbon dioxide pipeline transportation and sequestration facility in the Corpus Christi area of the Texas Gulf Coast.
The Canadian pipeline operator would develop, construct, and operate the pipeline facilities, while the US oil and gas company’s subsidiary would develop, construct, and operate the sequestration facilities, the companies said.
Article of the Day: Ark Innovation ETF cuts 26 holdings
Podcast of the Day: The Lead-Lag Report’s Michael Gayed on this year’s treasury anomaly
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)
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