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Downtrend. Momentum is mostly flat.
Means
Selling pressure is still dominant in the short term.
Based on
Current regime: High volatility. Recent change: cooling down.
Means
Short-term swings are large, so pullback risk is higher.
Based on
Current level looks cheap.
Means
Price is near the lower part of its recent range, but it can still weaken further.
Based on
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Both Occidental and Diamondback explore for and produce oil, natural gas, and NGLs, and both rely heavily on the Permian Basin. They compete for the same drilling land, crews, equipment, and buyers for their crude and gas.