OXY did I miss the $10 train?

pietruzzo

pietruzzo

Hello folks,
this is my very first thread here so I'd like to take it as an opportunity to say hi to the entire community.

I was long $OXY with 200 positions entered between $17.50 and $16, and decided to get out at $14 few weeks ago, seating on a $700 loss give or take. I was treading it without stop loss as in my idea I wasn't thinking it would have broken down the $15, but it did.

So I took the time to re-evaluate the hit this global coronavirus pandemic is taking on the oil industry, re-evaluated $OXY debts, finance and future plans, and with $40B in debts and no chances to see oil prices back up to the $50 range anytime soon, I was a bit sceptical of re-entering $OXY just yet.

However, it was kinda obvious it would have regained ground at some point and raise above the $12, which by the looks of it is likely gonna happen tomorrow.

So yes, did I miss my chance of buying $OXY at $10 last week? What are the overall feelings for the oil market during the next 3 weeks? Has the stock got enough strength to break the $12 range?

Thanks
 
1. Sorry about your loss but you learned stuff.
2. You actually made a pro move getting out at $14 because it continued to fall after that. A lot of people who still be in at $10/$12
3. I do not know much about the oil market or OXY. My only thought is that oil is not in rally mode.
4. You probably did miss an opportunity to buy at $10. A lot of stocks were down last week and only the Gods really know why.
5. OXY $11 9/18 call options would have been a winner today but it was a fluke.

Conclusion - OXY will move slow unless there is some secret out there. It is a good stock if oil ever gets back to $50+. Would look to tech sector for faster gains. However, tech is currently priced in. Really not the best time to start playing the market.
 
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