We recently profiled an energy name, Occidental Petroleum (OXY), states Bob Lang of ExplosiveOptions.net.

This is a stock that was on a nice run back earlier in the spring. In March, it went from low 50s up to the mid-60s. As some of you may know, Warren Buffet is a huge stakeholder in Occidental Petroleum. Every time the stock dips, he seems to be getting in there and buying more shares.

This latest pop here—you see the teal over here on the right-hand side – is the first time it’s been cautiously bullish, which is on this go-no-go indicator. A teal or aqua color means the stock is cautiously bullish. Light blue means strongly bullish. We haven’t had this color for about two and 1/2 months now since it broke down. It had been rather bearish. You can see the purple and pink bars reflect bearishness. Now the stock has turned around.

MACD is on a buy signal. You can see that on this crossover from the end of June.

We also have a buy signal crossover on the no-sure-thing indicator at the beginning of July. If we take a look at the accumulation distribution—this is one I have my eye on—we can see higher highs and higher lows from June out to the middle of July. This is bullish for accumulation distribution for Occidental.

Where do we think the stock could go? The 200-day moving average comes in at roughly 63.25. We have some room to get up to the mid to high 60s. Of course, if energy is strong, oil is up, and that’s gonna help out OXY.

Hopefully, it’s not a one-hit-wonder. I don’t think it is. We’ve had good volume today and a good strong move on the chart. And if the price moves up to the 200-day moving average, we’ll have a decision point.

Learn more about Bob Lang at ExplosiveOptions.net.