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Look for Shares of Occidental Pete to Potentially Rebound after Yesterday's 3.14% Sell Off

Mar 08, 2018 (SmarTrend(R) News Watch via COMTEX) --

Occidental Pete (NYSE:OXY) traded in a range yesterday that spanned from a low of $63.13 to a high of $64.55. Yesterday, the shares fell 3.1%, which took the trading range below the 3-day low of $64.20 on volume of 2.7 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

Over the past year, Occidental Pete has traded in a range of $57.20 to $78.48 and is now at $63.39, 11% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.6%.

SmarTrend recommended that its subscribers protect gains by selling shares of Occidental Pete on February 2nd, 2018 by issuing a Downtrend alert when the shares were trading at $74.27. Since that call, shares of Occidental Pete have fallen 12.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

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