Crude oil and natural gas exploration and production company Occidental Petroleum (NYSE:OXY) plunged lower Thursday after reporting earnings. The stock is trading lower by 5.78 percent to $76.50 a share. Traders and investors should note that the stock is testing a critical support level around $76 and a weekly chart close below this area will signal more downside for the energy giant.
The next key support level for OXY will be around $70. That's where the 200-week moving average is currently and also where the stock had a key break-out in April 2018. Often, support levels such as this will be defended by the institutional crowd when initially tested.
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