Did You Anticipate OXY's -- and Oil's -- Surge?
by Mike Paulenoff
February 7, 2021 • 12:00 AM EST
Back on November 23, Mike Paulenoff alerted MPTrader members to a long opportunity in Occidental Petroleum Corp. (OXY).
OXY, he explained, stood to benefit from the Biden Administration's "much less friendly" view of fossil fuels than its predecessor, which could result in reduced output amid increasing demand, thus lifting the price of crude oil.
Plus, technically he saw the stock in a developing multi-month base formation, and emerging from a significant double-bottom low.
OXY was trading at 15.46 at the time, but has since climbed to a high of 24.60 on January 14, a gain of nearly 60%, and closed Friday at 22.56, 46% percent above Mike's November alert.
Where is the stock headed next?
Mike's work indicates the best is yet to come technically for OXY because the stock has yet to break out of its substantial base formation.
Chart below is from his initial alert on November 23, 2020.
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on
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