Keep an eye on Occidental Petroleum (OXY).
After dropping from about $74 to $55.77, the stock is now oversold on RSI, MACD, and Williams’ %R. Better, Warren Buffett’s Berkshire Hathaway just added more OXY stock.
In fact, in a US SEC filing, the firm said it bought another 9.55 million shares at prices ranging from $54.96 to $56.42 a share for $500 million. Also, just days ago, Barclays raised its price target on OXY to $84 from $74, with an overweight rating.
From a current price of $55.77, we’d like to see OXY challenge its prior high of about $74.