The post This Warren Buffett stock just formed a Death Cross appeared on BitcoinEthereumNews.com.

One of Warren Buffett’s favorite holdings, Occidental Petroleum (NYSE: OXY), just exhibited a “Death Cross” pattern on its stock chart following a period of significant volatility, potentially foreshadowing a further decline in price. Despite a weak performance year-to-date, Buffett has continued to increase his holding of OXY stock during this period, with gas and oil producers stock occupying a 4.86% position, which amounts to 255.3 million shares worth around $15 billion—nearly 30% of the company’s total share count.  As of the latest close, OXY shares are trading at $60.18, decreasing 0.59% in the latest trading session, thus adding to the losses of 1.71% suffered in the previous five trading sessions and aiding the formation of the “Death Cross” pattern on the price chart. OXY stock Death Cross formation. Source: TradingView The “Death Cross” pattern emerges when the 50-day simple moving average crosses below the 200-day simple moving average and is widely regarded as a bearish signal that forebodes a period of diminished returns. Further technical analysis of OXY stock A more profound technical analysis of Occidental Petroleum stock indicates that OXY shares are currently trading within a horizontal trend channel over the medium to long term, suggesting continued movement in the same direction.  Amid the weaker performance of the overall energy sector in the recent period, OXY stock fluctuates between support at $59.77 and resistance at $61.97, forming a rectangle pattern, where a decisive breakthrough in either of these levels will indicate the stock’s new direction. Furthermore, the relative strength index (RSI) at 40 has decreased over the previous period, indicating diminishing investor buying activity. Technical analysis of OXY stock. Source: TradingView The broader market dynamics remain unfavorable for OXY Despite being one of Buffett’s top holdings, Occidental’s outlook remains challenging. Global oil demand is uncertain, and crude prices, using…

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Filed under: News - @ July 30, 2024 2:24 pm