OXY Early Breakout from FLAT BOTTOM TRIANGE

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.

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High relative volume this afternoon supports the price action.