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Today’s instrument is Occidental Petroleum Corp.‘s stock traded in the NYSE exchange under the ticker OXY, which is one of the favorite investments of Warren Buffet. 

Looking at the OXY‘s chart, we can see that it is in a downtrend and after the price fell to around $56 after the announcement of worst-than-expected quarterly earnings, it was upwardly reacted at the lastly traded price of $57.94.

Today, if this upward reaction continues, we could expect it to rise toward its resistance level at around $59.50-59.80, otherwise, it should return to its downtrend and re-test the support level at $56.50-56.80.

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