The Long Investor
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$OXY
🕑 Added 2025-03-26 12:42:17 +0000 UTC$OXY has been in this channel for nearly 3 years now, slowly making its way to lower Fib support levels but is still holding its structure and not infringing upon the top of Wave 1.
The US election has likely caused this sideways movement as the market anticipates what Trump will do regarding oil supply.
$OXY is also a carbon capture company too, so it also remains to be seen what policies Trump has in store for this sector as well, whether or not he will impose companies to pay for carbon offsetting, all of this has contributed to uncertainty around $OXY and we have this long wedge because of it.
The weekly RSI is showing a positive trend....as eventually fundamentals and margins will decide this direction and they are strong.
My Wave 5 target remains in place but this sideways movement can continue with a downside risk of $42 too.
