OXY: Trend Analysis + Key Points to watch from here!
• Since OXY found a top around $76 (red line), it triggered a sharp correction to its Fibonacci’s Retracements;
• There’s still a chance OXY will remain bullish, and break the previous top, however, it must react as soon as possible around the retracements;
• The key point seems to be the 61.8%, which did a very good job holding the price a few days ago (Nov 09), when the volatility increased;
• Only if OXY loses the 61.8% it’ll frustrate any possible bullish bias in the mid-term, and it would seek the next support at $62;
• In addition, the 61.8% retracement is the trigger point of a possible Double Top chart pattern;
• Therefore, let’s pay attention on how OXY will react around the retracements.
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• There’s still a chance OXY will remain bullish, and break the previous top, however, it must react as soon as possible around the retracements;
• The key point seems to be the 61.8%, which did a very good job holding the price a few days ago (Nov 09), when the volatility increased;
• Only if OXY loses the 61.8% it’ll frustrate any possible bullish bias in the mid-term, and it would seek the next support at $62;
• In addition, the 61.8% retracement is the trigger point of a possible Double Top chart pattern;
• Therefore, let’s pay attention on how OXY will react around the retracements.
Remember to follow me to keep in touch with my analyses!
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