Occidental Petroleum (NYSE: OXY) is gaining momentum in current weeks as a result of world occasions. As we speak, we examine its present Elliott Wave construction. This evaluation highlights the following high-probability path for the inventory.
Elliott Wave Evaluation
OXY dropped 54% from its 2022 peak in a three-wave zigzag construction. This decline marked wave (II), bottoming at $34.78 in April 2025. From there, the inventory resumed its rally inside a brand new impulsive construction. At the moment, it’s ending its first five-wave advance inside wave I. The 61.8% Fibonacci extension targets the $77 – $87 zone.
A break above the wave (I) excessive will affirm a brand new weekly bullish sequence. This growth will validate the general bullish pattern. Consequently, OXY will then goal the $103 – $119 equal legs space and ultimately results in new all-time highs. This growth helps a robust bullish pattern. Momentum continues constructing for additional acceleration. Particularly, this acceleration will happen as soon as wave III of (III) kicks in.
OXY Weekly Chart 3.30.2026
Conclusion
Occidental Petroleum larger-degree bullish cycle stays firmly intact. Due to this fact, traders ought to proceed focusing on shopping for alternatives inside weekly and day by day pullbacks. Make the most of our Elliott Wave technique for exact entry timing. Particularly, set up positions after a 3, 7, or 11-swing correction completes. Moreover, our proprietary Blue Field system highlights high-probability zones with pinpoint accuracy. Consequently, this disciplined technique offers merchants the readability and confidence to catch the following bullish leg.
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