Uncle Warren:
Perhaps one of the most looked after energy names as of late has been the focus on OXY because of Warren Buffett’s accumulation of it. That in itself does not mean that it would be immune from energy weakness as of course all stocks will be impacted by the sector’s movements which it emanates from. The stock is now 19% off most recent 52-week highs, a good showing as the XOP is 23% off its own peak from 6/8 at the 170 number. OXY briefly broke above a 74.14 cup base pivot but then failed quickly a red flag as we know the best breakouts tend to work right away. The stock is down 3% this week and if it CLOSES lower would be its first 4-week losing streak since last November. In my opinion, the stock is setting up again and I would look to enter this name on a pullback at 61.50 and then add to it if strength materializes above a double bottom pivot of 67.89 into year-end.