The USD 85.1 support area at the moment tested might facilitate a rally, at least technical. The fundamentals of the company could validate this scenario.

From a fundamental viewpoint, the security is weak valued with price earnings ratio of 10.54 for this year, and for next year is estimated to 9.22x. This value's level allows it to be cheaper than the industry average. In addition it has also a weak enterprise value to sales ratio at 2.83x for this year.

Technically, in daily data, if the moving averages are still trending downward, a positive reaction on the USD 85.1 should stop this trend and allow to aim the scenario of a technical rebound towards the USD 94.4. In addition, the technical indicators show an oversold situation which reinforces this upward anticipation.

Therefore, we might consider the support's proximity of USD 85.1 as an opportunity to buy Occidental Petroleum Corporation's share. We will aim at first target price of USD 94.4 that is potential gain of 6.6%. Only if the security overcomes this resistance's level we could forecast an upward trend. We should cover the position with a stop loss under the support's level already tested.