Rangebound since April 2022, will the upcoming earnings be the new catalyst?

Occidental is set to report earnings tomorrow after the market closes. On Friday, its share price closed the week at $64.34 a share. Looking at the chart, we can see the stock’s share price has been rangebound between $51.49 and $77.07. This has now been the case since April 2022, just over two years. Hence, this intense consolidation may soon lead to a breakout in either direction. With oil prices rising in recent months due to geopolitical tensions, oil companies in theory should have performed better. However, it is guaranteed that just because prices have risen that demand has increased or even remained at the same levels. With the most recent resistance level established at $71.14, the price is approaching a neutral stance once again. The earnings report could be the catalyst here for any higher-than-usual price fluctuations going into the summer months. A break above $71.14 would then shift the focus to that tough resistance zone of $76-$77. On the other hand, a break below the support of $62.68 could spur a sell-off towards the lower half of the channel ($56-$58) in the near-term. Looking at the indicators, technically they are positive. However, the MACD is starting to curl over and the RSI has aggressively faltered as it now reads 53, suggesting that selling pressure has increased as of late.