In Tuesday’s Blitz Daily with Lance Ippolito, we take a look at popular energy stock Occidental Petroleum as oil prices soar in the wake of Russian economic sanctions.
When the entire free world decides to take the third-largest exporter of crude oil off the market, the price of oil is bound to head in one direction — up.
So when you combine that with a recent earnings beat, you get a lot of bullish price action.
That’s exactly what’s been happening to Occidental since fighting broke out in Ukraine.
This past Thursday saw the oil producer crush earnings expectations by nearly 35% while also increasing its dividend payout. The news came right on the heels of Russia’s declaration of war.
And though the stock sold off into the weekend, markets had a change of heart at Monday’s open — catapulting 13% higher from Friday’s close. That momentum carried into Tuesday’s sessions, where the stock jumped an additional 9%.
The two-day move attracted bullish options traders as the Blitz Tracker spotted several outsized trades.
And that wasn’t the only commodity name burning up the tape Tuesday... I have two more top trades lined up and waiting inside…
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Tune in at 1 p.m. EST on Wednesday, March 2, for my LIVE 24-Hour “Shadow Blitz Summit” and I’ll reveal how I trade these contracts as soon as I see them.
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