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.
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