OXY Early Breakout from FLAT BOTTOM TRIANGENYSE:OXY
OXY has market momentum with the ongoing Buffet buying frenzy.
It has been in a pattern since the spring 2022 Buffet buying that is a flat bottom
triangle. The latest buying seems to be resulting in
a breakout from the triangle yet without retest.
Rising relative strength on the RSI serves to validate the move.
Buffet seems to know that the current inflation is a headwind for growth
for the alternative energy sector while Big Oil is drowning in cash
and buying back stock relentlessly. A
ll in all , OXY IS A STONG BUY even if spot oil and futures prices are drifting lower.
if the retest fails and OXY returns to the triangle in conjunction with
oil prices decreasing and the general market sideways, I will take
some put options for a few months.
