Occidental Petroleum (NYSE: OXY) is gaining momentum in recent weeks due to global events. Today, we inspect its current Elliott Wave structure. This analysis highlights the next high-probability path for the stock.
Elliott Wave Analysis
OXY dropped 54% from its 2022 peak in a three-wave zigzag structure. This decline marked wave (II), bottoming at $34.78 in April 2025. From there, the stock resumed its rally within a new impulsive structure. Currently, it is finishing its first five-wave advance within wave I. The 61.8% Fibonacci extension targets the $77 - $87 zone.
A break above the wave (I) high will confirm a new weekly bullish sequence. This development will validate the overall bullish trend. Consequently, OXY will then target the $103 - $119 equal legs area and eventually leads to new all-time highs. This development supports a strong bullish trend. Momentum continues building for further acceleration. Specifically, this acceleration will occur once wave III of (III) kicks in.
OXY Weekly Chart 3.30.2026
Conclusion
Occidental Petroleum larger-degree bullish cycle remains firmly intact. Therefore, investors should continue targeting buying opportunities within weekly and daily pullbacks. Utilize our Elliott Wave strategy for precise entry timing. Specifically, establish positions after a 3, 7, or 11-swing correction completes. Additionally, our proprietary Blue Box system highlights high-probability zones with pinpoint accuracy. As a result, this disciplined method gives traders the clarity and confidence to catch the next bullish leg.
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