Occidental Petroleum (OXY) Crossed Above the 20-Day Moving Average: What That Means for Investors

After reaching an important support level, Occidental Petroleum (OXY) could be a good stock pick from a technical perspective. OXY surpassed resistance at the 20-day moving average, suggesting a short-term bullish trend.A well-liked tool among traders, the 20-day simple moving average offers a look back at a stock's price over a 20-day period. This is very beneficial to short-term traders, as it smooths out short-term price trends and gives more trend reversal signals than longer-term moving averages.Like other SMAs, if a stock's price is moving above the 20-day, the trend is considered positive. When the price falls below the moving average, it can signal a downward trend.Shares of OXY have been moving higher over the past four weeks, up 10.8%. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock, suggesting that OXY could be poised for a continued surge.Looking at OXY's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 7 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well.Investors should think about putting OXY on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.7 Best Stocks for the Next 30 DaysJust released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.9% per year. So be sure to give these hand picked 7 your immediate attention. See them now >>This article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks