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This Warren Buffett stock is now on a major winning streak 

This Warren Buffett stock is now on a major winning streak 

Perhaps the best-known and most successful investor of all time – maybe barring Enrico Dandolo – Warren Buffett has proven more than capable of finding the winning stocks well into the 2020s.

While his investment in the technology giant Apple (NASDAQ: AAPL) – which has come to account for half of his portfolio – has become known as his most successful stock market investment of recent years, there are multiple other companies whose shares recorded excellent growth over the year.

The biggest star among the holdings of The Oracle of Omaha is, by March 20, Occidental Petroleum Corp (NYSE: OXY), whose shares have, after breaking above their 200-day moving average on March 15, entered into a multi-day rally

On the weekly chart, OXY is up 4.08% having recorded 5 consecutive green days for the first time since September. The oil giant also closed on Tuesday, March 20, at $64.06 – its highest price since October.

As could be expected, Buffet himself executed the latest round of investing in Occidental Petroleum at an opportune moment having bought $250 million worth of shares on February 5, 2024. Since then, the stock has risen 12.28% meaning the latest acquisition grew in value to approximately $280 million.

OXY stock technical analysis

Perhaps unsurprisingly given its 5-day performance, technical analysis (TA) based on the weekly chart is generally bullish with the data retrieved from TradingView, revealing OXY is a “strong buy.”

Oscillators based on the time frame rate Occidental Petroleum shares as a “buy” and moving averages as a “strong buy.”

OXY technicals. Source: TradingView

Both metrics remain unchanged when analyzing the daily chart but the rating becomes slightly less bullish when based on the last 30 trading days as oscillators turn toward “neutral;” and the overall rating to “buy.”

OXY stock price chart

Generally, Occidental Petroleum shares have been doing relatively well in 2024 and rose 6.68% since the start of the year.

OXY YTD stock price chart. Source: Finbold

In the longer term, OXY has proven a stable investment for The Oracle of Omaha having climbed 8.61% in the last 52 weeks despite the persistent uncertainty in many oil-producing regions of the world.

Additionally, along with the 4.08% growth in the last 5 days, OXY is up 7.56% on the monthly chart and closed 1.36% in the green at $64.06 on Tuesday, March 19. 

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