Occidental Petroleum Shares Oversold; RSI at 29.99

Market Analysis: Occidental Petroleum Corp shares are deemed oversold with an RSI of 29.99. This may prompt bullish investors to seek buying opportunities as recent selling pressure potentially exhausts.

Date: 05-03-2025

AI Rating: 6

Stock Performance and RSI Analysis: The shares of Occidental Petroleum Corp (OXY) have fallen to an oversold level, with an RSI of 29.99, indicating significant selling pressure. An RSI reading below 30 traditionally suggests an asset is oversold, potentially providing a buying opportunity for investors.

At present, OXY is trading at approximately $45.08, down about 3.1% on the day. The current price lies close to its 52-week low of $45.06, while the 52-week high was $71.185. This significant deviation from its high suggests a challenging market position for the stock.

The RSI, being 29.99 compared to the average energy stock RSI of 38.4, emphasizes Occidental's underperformance relative to its peers. Investors might perceive this as a potential bottoming point, as the selling pressure could be nearing an exhaustion phase. Therefore, bullish sentiment may begin to develop as traders contemplate potential entry points.

Stocks: OXY