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Occidental Petroleum (OXY) Showing Bearish Technicals With Resistance At $70.72

Feb 09, 2018 (Marketintelligencecenter.com via COMTEX) --

Occidental Petroleum (<a href="http://www.marketintelligencecenter.com/symbol/OXY">OXY</a>) is a good candidate for a covered call at the $67.50 level. The Mar 16, 2018 call at that price should fetch a credit of about $2.68, which means the entire position has a net debit of about $65.78. This trade has 2.55% downside protection. Another option would be to buy the OXY Jan 18, 2019 $47.50 call instead of holding a long position in the stock. This lowers the net debit to $19.21, but the position only has 2.55% downside protection. Technical indicators for the stock are bearish and Occidental Petroleum has a 52-week low of $57.20 and 52-week high of $78.09.

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