Oil and gas producers like Occidental Petroleum began 2022 with a bang, but this year has been just the opposite. (TradeStation data shows energy is the only major sector to fall in the last three months as crude languishes.)
The first pattern on today’s chart of OXY is the 50-day simple moving average (SMA) slipping beneath the 200-day SMA on Friday. That “death cross” can suggest the longer-term trend is turning bearish. It also sticks out like a sore thumb considering that the bigger S&P 500 had a “golden cross” just one session earlier.
Second, the series of lower highs since August may suggest buyers are getting tired.
Third, prices closed Friday below a rising trend line along its recent lows.
Finally, the short-term trend could also be bearish: Notice how the 8-day exponential moving average (EMA) is back under the 21-day EMA. (This chart includes our 2 MA Ratio custom script.)
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