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Andrew Keene's Occidental Petroleum Trade

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CNBC Trading Nation's Andrew Keene revealed on the show that he is bullish on Occidental Petroleum Corporation (NYSE: OXY). He noticed institutional call options buying in the name, which makes him confident the stock is going to trade higher to $77.5 by May.

Keene analyzed the daily chart of Occidental Petroleum and he concluded that after the stock breaks above its 50-day moving average, it can trade to its resistance at $77.5. To make money on the potential move higher, Keene wants to buy the May 72.5/75 call spread for $0.75.

The trade breaks even at $73.25 or 5.67 percent above the current price and it can maximally make a profit of $1.75.

 

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Posted-In: Andrew Keene CNBC Trading NationOptions Markets Media

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