Power Plays New Idea: OXY
January 22, 2024

By Scott Redler

Name: Occidental Petroleum

Ticker: OXY

Price: $56.66

Needs to Hold: $52 to $55

Price Objective 1: N/A

Price Objective 2: N/A

Tech has been remarkably strong in 2024 so far, but it could be due for a breather.

Energy could be the beneficiary of some rotation of money to other sectors, so I'm making Occidental Petroleum (OXY) our latest Power Play.

It's been in a channel for over a year and I think it will resolve higher. I also like that it has the support from Warren Buffett's regular buys.

However, I'm going to play this one tight because energy has been tricky and hard to trust.

The danger zone here is the $52 to $55 area. If it breaks down to there I'll look to switch gears.


Scott Redler Positions Disclosure as of 2024-01-22 at 10.30.09 AM