OXY (Occidental Petroleum Corporation) – 30-Min Long Trade Setup
🚀
🔹 Asset: OXY – NYSE
🔹 Timeframe: 30-Min Chart
🔹 Setup Type: Bullish Breakout (Ascending Triangle Pattern)
📊 Trade Plan (Long Position)
✅ Entry Zone: Above $47.50 (Breakout Confirmation)
✅ Stop-Loss (SL): Below $46.53 (Key Support Level)
🎯 Take Profit Targets:
📌 TP1: $47.92 (Previous Resistance Level)
📌 TP2: $48.93 (Extended Bullish Move)
📊 Risk-Reward Ratio Calculation
📉 Risk (SL Distance):
$47.50 - $46.53 = $0.97 risk per share
📈 Reward to TP1:
$47.92 - $47.50 = $0.42 (1:0.43 R/R)
📈 Reward to TP2:
$48.93 - $47.50 = $1.43 (1:1.47 R/R)
✅ Favorable Risk-Reward Ratio toward TP2
🔍 Technical Analysis & Strategy
📌 Ascending Triangle Breakout: Price is breaking above the resistance line, confirming bullish momentum.
📌 Support at $46.53: The lower trendline acts as a safety net, keeping the uptrend valid.
📌 Volume Confirmation Needed: Look for above-average buying volume above $47.50 to validate the breakout.
📌 Resistance at $47.92: A move above this will strengthen the bullish case.
📉 Trade Execution & Risk Management
📊 Volume Confirmation: Ensure strong buying volume above $47.50 before entering.
📉 Trailing Stop Strategy: Move SL to break-even ($47.50) after hitting TP1 ($47.92).
💰 Partial Profit Booking Strategy:
✔ Take 50% profits at TP1 ($47.92), let the rest run toward $48.93 (TP2).
✔ Adjust Stop-Loss to Break-even ($47.50) after TP1 is reached.
⚠️ Risks & Considerations
❌ Fake Breakout Risk: If the price fails to hold above $47.50, exit early.
❌ Confirmation Required: Wait for a 30-min candle close above $47.50 before entering.
🚀 Final Thoughts
✔ Bullish Setup – Strong upside potential.
✔ Momentum Shift Possible – Watch for volume confirmation.
✔ Favorable Risk-Reward Ratio – 1:1.47 toward TP2.
💡 Stick to the plan, manage risk, and trade smart! 🚀📈
🔗 #OXY #NYSE #LongTrade #TradingView #ProfittoPath 💰📊
🔹 Asset: OXY – NYSE
🔹 Timeframe: 30-Min Chart
🔹 Setup Type: Bullish Breakout (Ascending Triangle Pattern)
📊 Trade Plan (Long Position)
✅ Entry Zone: Above $47.50 (Breakout Confirmation)
✅ Stop-Loss (SL): Below $46.53 (Key Support Level)
🎯 Take Profit Targets:
📌 TP1: $47.92 (Previous Resistance Level)
📌 TP2: $48.93 (Extended Bullish Move)
📊 Risk-Reward Ratio Calculation
📉 Risk (SL Distance):
$47.50 - $46.53 = $0.97 risk per share
📈 Reward to TP1:
$47.92 - $47.50 = $0.42 (1:0.43 R/R)
📈 Reward to TP2:
$48.93 - $47.50 = $1.43 (1:1.47 R/R)
✅ Favorable Risk-Reward Ratio toward TP2
🔍 Technical Analysis & Strategy
📌 Ascending Triangle Breakout: Price is breaking above the resistance line, confirming bullish momentum.
📌 Support at $46.53: The lower trendline acts as a safety net, keeping the uptrend valid.
📌 Volume Confirmation Needed: Look for above-average buying volume above $47.50 to validate the breakout.
📌 Resistance at $47.92: A move above this will strengthen the bullish case.
📉 Trade Execution & Risk Management
📊 Volume Confirmation: Ensure strong buying volume above $47.50 before entering.
📉 Trailing Stop Strategy: Move SL to break-even ($47.50) after hitting TP1 ($47.92).
💰 Partial Profit Booking Strategy:
✔ Take 50% profits at TP1 ($47.92), let the rest run toward $48.93 (TP2).
✔ Adjust Stop-Loss to Break-even ($47.50) after TP1 is reached.
⚠️ Risks & Considerations
❌ Fake Breakout Risk: If the price fails to hold above $47.50, exit early.
❌ Confirmation Required: Wait for a 30-min candle close above $47.50 before entering.
🚀 Final Thoughts
✔ Bullish Setup – Strong upside potential.
✔ Momentum Shift Possible – Watch for volume confirmation.
✔ Favorable Risk-Reward Ratio – 1:1.47 toward TP2.
💡 Stick to the plan, manage risk, and trade smart! 🚀📈
🔗 #OXY #NYSE #LongTrade #TradingView #ProfittoPath 💰📊
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.