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OXY Update – Bullish Breakout and Key Resistance Target Ahead

Cheers to those who took the OXY trade. This was a trade I posted based on Warren Buffett’s portfolio, which reveals he has a 30% stake in OXY. There was a bullish pennant forming between the two light blue trendlines, and more recently OXY is having a bullish breakout above the bullish pennant. There is an important red resistance line approaching, and this red trendline has been a historically strong resistance target with 4 previous rejections here. I don’t think OXY will break through this red trendline on the first attempt here, but I think this red trendline will eventually break and I believe OXY will trend up higher to form new all time highs.

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