$OXY update: Watch for retrace

My original price target for OXY was 70 bucks based on a weekly chart support level. The stock has put in a bottoming tail and saw a bounce so I am going to assume that a low has been put in for now.

My adjusted price target is a pull back to 73 bucks. However, I will have a very tight stop. If there is a daily close under 72.46 I will exit the position. "Wow, that's less than a 50 cent stop" you might say. This is a technical stop out. When I play these bottoming play bounce setups I have to cut bait and run at the first sign of trouble.