Occidental Petroleum (OXY) leads the list of stocks to be watching for the coming week. Egg producers Cal-Maine Foods (CALM), BJ’s Wholesale Club (BJ) and Hershey (HSY) are all riding higher prices for food items. Ulta Beauty (ULTA) is getting ready to go back to business after several unsuccessful efforts in the past. All of the stocks are in base or are near critical support levels.
The market has moved into an uptrend that is confirmed as the major indexes soared for this week, despite a huge surge of economic data, earnings, and a massive Fed rate increase. Even though the market is improving but investors should add to their portfolios with caution.
Occidental Petroleum Stock
Occidental Petroleum is holding up better than the majority of its competitors in the field of energy. It’s partly because of OXY stock’s status as a favorite of the investing expert Warren Buffett. The stock of his Berkshire Hathaway (BRKB) has expanded its holdings to 20% of the business.
The rising prices for energy are also aiding.
OXY stock is currently in stage 2 consolidation stage. It’s trading at or above its moving averages , after jumping up over its 10-day line as well as fifty-day line last Friday.
MarketSmith offers an official buy-point of 74.14. A move higher than OXY stock’s intraday highest of 66.05 could signal an early opportunity to buy at the 50-day mark.
However, take note that Occidental Petroleum reports earnings Tuesday. This means that buying OXY stock prior to then extremely risky.
Analysts forecast Occidental earnings to skyrocket by 856% up to $3.03 per share, and revenues will increase 63 percent from $9.77 billion.
Occidental Petroleum, and oil and natural gas giant, is working hard to make net-zero emissions with its investments in carbon reduction. OXY shares have an outstanding 99 Composite Rating and an EPS rating of 77.
Cal-Maine is the biggest egg producer within the U.S., particularly for the Southeast. CALM stock fell this week, and found some support, but not quite above those of the moving 50 and 10 week mean. On an average daily chart, CALM stocks now have the handle. The cup-with-handle’s base buy point can be found at 57.85 according to the daily chart. The handle will require an additional day to be sodded up on daily charts.
The results of the fourth quarter for Cal-Maine’s mid-July period outperformed Wall Street expectations. CALM earnings increased up to $2.25 per share, compared to. losing 9 cents in the year before. The revenue also soared 70 percent to $593 million.
In the last week, California-Maine’s relative strength line climbed to its highest level, signalling that it is outperforming the market. CALM shares have an average Composite Rating of 99 and an EPS rating of 77.
Hershey the IBD’s Stock Of The Day for Thursday, delivered scrumptious earnings that the day. Sales increasing for the second consecutive quarter. HSY stock was close to breaking off on the Friday despite it was already within the zone of an aggressive start.
HSY stock is trading on the flat range with an official price of 231.69. However, it cleared resistance just above the 222 mark on Thursday, and after which it added gains on Friday.
HSY stock has an Composite rating of 97 and an RS rating of 93. Hershey is currently on an earnings growth spurt with an earnings Rating of 90.
Awarded the IBD Stock Of The Day on Tuesday BJ’s Wholesale Club is also a worth keeping an eye on in the coming week. BJ’s outperforms its peers in the retail sector as gas and food sales offset the decline in spending by consumers.
BJ shares have a double-bottom buy-point of 71.10. The shares climbed from their highs in May, and then climbed to the buy-point in July, attempting the possibility of a breakout several times before retreating.
It has found support in the 21-day moving average, basically becoming the shape of a handle.
One concern has to do with the fact that BJ stock’s rise from lows typically occurred on low volume, which was a major issue for many hopeful leaders over the past few weeks.
Double-bottom bases are an example of a fourth-stage design. Bases that are third-stage or older are referred to as late stage bases, and carry greater risk than earlier stage bases.
BJ’s announces results on August. 8. The wholesaler has had the same five quarters in a row of growth in sales and has posted an average earnings increase of 20.8 percent over the last two years. BJ shares have an average Composite Rating of 97 and an EPS Rating of 95. Its RS Rating is 93.
Ulta Beauty is one of the few beauty stocks that are performing well. It’s had 5 consecutive years of profit and revenues have grown. However, ULTA shares fell by 3percent on Friday, to 388.91 and fell below its 50-day limit. The shares are trading just below their 200-day level, which is at which they had a bit of the support in the last week.
ULTA the stock has fluctuated in a downward direction for the past year, despite a string of unsuccessful breakouts. The stock is currently in the flat zone with a price of 429.58. However, investors seeking early entry points might make use of 417.08 which is just above ULTA’s June 22 peak.