OptionsPlay DailyPlay

The bullish DailyPlay we chose for Tuesday Nov 7th is Occidental Petroleum (OXY). OXY is part of the Energy Sector (XLE). Over the last month, XLE has experienced a 3.20% move higher and its 1m and 6m trend has turned bullish on 11/01 while breaking above its $70 resistance level.

Occidental Petroleum’s 1m and 6m trends turned bullish on 9/18 and recently broke above its $66 resistance level which now becomes support. With a technical score of 8 (out of 10), OXY is a strong bullish stock that is likely to continue higher.

View this Trade Idea on OXY

As a stop loss, if OXY was to trade below $66 for multiple days, this would invalidate our analysis and suggest getting out of the trade.

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