Occidental Petroleum (OXY: NYSE)

Occidental Petroleum (OXY), a global player in the oil and natural gas industry, recently forged a significant partnership with Amazon for a decade-long carbon capture program, promising substantial future cash flows. This strategic alliance has garnered attention and bolstered investor confidence, further supported by Warren Buffett’s Berkshire Hathaway increasing its stake in the company.

The oil market’s current dynamics, marked by multi-month highs in crude oil prices due to global supply constraints following Russia’s export ban, favor OXY’s revenue and profit margins. Investors maintain a bullish stance on OXY, with optimism prevailing as long as the stock remains above the $57.50-$58.50 range, setting an upside target of $80.00-$82.00. This outlook underscores the positive sentiment surrounding Occidental Petroleum’s growth potential.

S&P 500 Futures (ES1!)

The S&P 500 futures chart is showing indications of strength as it emerges from a gap, a promising sign for traders. However, caution is advised, as there’s a possibility of a potential lower high forming. If the price continues its upward momentum, the ultimate resistance lies at the diagonal yellow line, which is currently on a downward trend and located around the 4,500 region.

In the event of a rejection at this point, a test of the 200-day Moving Average (MA) at 4,223 becomes a possible scenario. Traders are closely monitoring these key levels, ready to react based on the market’s response. This analysis underscores the importance of vigilance and adaptability in navigating the current market conditions.

BTC/USD

Bitcoin has made a bold move, breaking the downward trend line from the $25,924 high volume node. This breakout signals potential for further gains.

For cautious traders, waiting for three consecutive candle closes above this line might be prudent. This confirmation could boost the chances of Bitcoin reaching the next target at $29,000, marking the quarterly range.

Sustained closes here could indicate robust bullish momentum, possibly flipping high timeframe indicators bullish once more.

MATIC/USDT

After consolidating within the $0.50 – $0.52 support area for the last two weeks, MATIC’s price is currently making an effort to break above the descending resistance line that dates back to mid-July.

With the market showing signs of upward movement, there’s potential for MATIC to rise and test the next resistance level at $0.54.

If it successfully breaches this area, there’s a possibility it might challenge the subsequent resistance zone ranging from $0.64 to $0.67.