Occidental Petroleum may be down 2 percent so far this year, but Andrew Keene of AlphaShark sees a rally ahead in the charts.
Keene is looking specifically at the 50-day and 200-day moving averages on charts of Occidental. The trader points out that while there was a "bear channel" that took the stock down below $70, he predicts that Occidental will eventually move higher toward its 200-day moving average, a longer-term trend that suggests the stock will rise.
To figure out how high Occidental could rally, Keene takes a look at the oil company's weekly chart. The trader believes that Occidental hit "resistance" at around $77.50 mid-last year, leading him to think that the company's shares could return to those levels.