Its earnings are due tomorrow. Expected to report an EPS of $0.68 on revenue $6.93bn

Occidental’s shares trading at around $57.58 a share ahead of its earnings report tomorrow. From a technical standpoint, the price has been moving sideways for a long period of time now. The support has been established between $51.53-$55.12, with the share price approaching this area once again. Since June of 2022, it has bounced off the top of this range 4 times, but resistance is overpowering every time. The resistance can be found along the red trendline, however, the stock first needs to overcome the minor resistance of $58.98 followed by $61.79. $61.79 corresponds slightly with the trendline as when we shift to the right, we can see that upon any upside movement, investors would find themselves at the trendline resistance once again. A break and close above the trendline would suggest bullish momentum, which could then lead to more upside. With the next target then of $66.94. On the other hand, a move in the support area of $51.53-$55.12 would increase the selling pressure. A break below $51.53 could lead to a further sell off towards $38-$40 a share. Looking at the technical indicators, the MACD is negative though it is at the bottom of the chart. With it being at the lower end, it increases the chances of it finding a bottom before beginning its upside journey. Although this is not guaranteed and sometimes the markets can be deceiving, The RSI is negative-neutral as it reads 44.