Occidental Petroleum Corporation(OXY) is in an downtrend

(29-Jan-2008) (29-Jan-2008) Occidental Petroleum Corporation(OXY) closed at 68.49, up 3.92 or 6.07 % for the day. Based on our analysis, Occidental Petroleum Corporation(OXY) is in an downtrend.

The closing price of Occidental Petroleum Corporation(OXY) is below its 50 day moving average of 71.55 (Designated by blue line). This indicates that the trend is down. The MACD histogram(Gray bars on the bottom) below the signal line(Dark Red Line) tells us that Occidental Petroleum Corporation(OXY) is losing momentum. The loss of momentum in a downtrend confirms that the downtrend is intact. The MACD histogram crossed below the signal line on 8-Jan-2008, about 16 trading days ago.