Did You Anticipate OXY's -- and Oil's -- Surge?
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.
More Top Calls From Mike
On Friday June 17, Mike Paulenoff posted an alert to MPTrader members about an emerging setup in AMZN:
AMZN is one name that pops out at me that should benefit from an initial and sustained correction in traditional energy and transportation costs. AMZN needs to climb above and sustain 110 for my work to generate a more confident technical signal, otherwise, I cannot rule out another loop down that tests and breaks key May-June support at 101.26 to 101.
Last Wednesday, prior to the official FOMC rate hike of 75 bps, Mike Paulenoffwarned MPTrader members about the likelihood of additional weakness in the beleaguered home builders, writing about the ITB (iShares US Home Construction ETF):
In that, neither my pattern work nor my intermediate-term Momentum gauges offer much technical confidence that ITB will be able to carve out a meaningful corrective basing area in and around 53.
Back on May 13, amid a thrust in the price of Crude Oil from $95/bbl to $112/bbl, Mike Paulenoff alerted MPTrader members to an actionable technical setup in energy producer PSX (Phillips 66), writing:
My work has been extremely friendly since the beginning of May, looking for PSX to break out of its 11-month corrective accumulation pattern that will trigger a thrust towards a potential target zone of 110-115.
On Thursday May 19, in the midst of some serious weakness and carnage in the retail sector that had equity market-watchers doubting the resiliency of the almighty US consumer, Mike Paulenoff turned MPTrader members attention to PARA (Paramount Global), writing:
For the past 5 months, we could make the technical argument that PARA has carved out an accumulation-base formation that attracts buyers every time the stock dips beneath 29.00. We can also make the case that every time the stock climbs above 36.
On March 11, with AAPL in a month-long down-leg and trading at 156.34, Mike Paulenoff posted a relatively bullish analysis for MPTrader members, writing:
I am watching AAPL more closely than usual these days, as a bellwether for the health/vulnerability of the overall market.