Someone sees a bright future for chevron ( CVX )Oil went below 40$ in August for the first time since early 2009. It did try to mount a rally to no avail before collapsing to 26$. During this time Chevron never made new low. That is a call a divergence, a major divergence that is and that is a bullish sign.
Furthermore, since its August low, CVX printed a nice impulse ( the trend ). The ensuing move looks corrective to us. Now CVX appears to be ready to take off to at least 104 where we will have equality between trending waves. If there's more fuel in CVX then 110 is a major resistance where we have the 61.8% retracement of the previous decline and the apex of a bearish triangle where prices often stall.
Only a move below 69.70 will negate this view
CVX
Chevron Corp.: How about a Swing?The Head&Shoulders on Chevron Corp is still valid, until the rejection level is breached. Although the Throwback faltered, which has sent the equity towards the rejection level, breaking out of the Neckline, will send CVX seeking 77.31, with 82.73 as a primary objective.
DOW JONES OVERVIEW: CVX IS ON MACRO RISKChevron Corp is on risk to fall further on macro and micro basis.
On long term basis, despite price is trading within 1st standard deviation from 10-year mean, it fell below lower 1st standard deviation from 5-year mean, risking more downside.
On short term basis price is in fully fledged downtrend, trading below 1st standard deviations from 1-year and quarterly mean.
Downside risk will remain until price gets back above 93, which turns out to be a key level - 4 pivot levels converged there now (see chart) and breaking above it will cancel all current downtrends.
XLE Broke Significant Support on Crude Price WoesPlease check out the full article here: oilpro.com
The Energy Select Sector SPDR® Fund (XLE) has been battered, and it is starting to bruise.
With the price of crude now just hovering $43 per barrel, this exchange-traded fund (ETF) is likely to get a whole lot cheaper.
This fund has support near-term because Wall Street is discounting recent events in the oil industry, as they did during the second-half of 2014. It also pays a dividend of 2.93 percent (SEC 30-day).
Thinking back, the Federal Reserve's call that lower gas prices (via lower oil) was "unambiguously good" is striking a nerve with those laid of in the energy sector, which shed nearly 68,000 jobs last month alone.
With a technical perspective, the XLE has confirmed downside weakness with a close below the major support trend created on 2009's bottom.
The trend's momentum could weakening slightly as traders fish off the bottom, but the strength of the trend still remains quite strong - ADX over 20 and a substantial divergence between +/-DMI.
Near-term range for XLE is $64.39 and $71.46, while a "relief" rally could spark buying up to $74.12; but, crude would have to play nicely.
If current price support breaks, XLE will trend lower within the disjointed angle (purple dotted line with grey shaded body), which represents widening support and resistance.
Additionally, the "death cross" is close to completion on the weekly chart. This bearish technical signal occurs when the 50-week moving average dips below the 200-week moving average.
At $43.27/bbl, crude is less than $2.00 about its inflation-adjusted price.
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SLB- Another Bull Channel Building3-5 And here we are today with yet another
energy stock building a Bull channel in green.
What do I need to see to make me get long?
An upside crossover of the green line that's what.
THEN one could place a stop on any break below
the blue line of line of one's choosing. The top blue line
is a tighter stop and IF IF IF an issue is going to go
after breaking out of channel it won't come back-that's
what you want to see anyway after an upside breakout.
As usual this is all strictly for informational and educational purposes only.
Trade at your own risk
CVX, $100 buy at earningsCVX Bearish pennant seems to be holding.
Moving into earnings now. CVX is in a weakened position, will of course oil, slumping...but also strong dollar exposure. CVX has a bunch of big gas projects overseas (Australia) and the strong dollar, weak gas, and high execution cost overseas may just be the drag to break it to the down side.
Volume is nice here...strong buyers at the bottom of the wedge, no one wants it at the top of the wedge.
Should crash down to $100 at earnings and get support with strong dividend buyers
***Overall***
If you love the long term $100 is a great place to buy.
BP PLC - BP - Daily - Key Hidden Levels are Essential in BP!Look at the remarkable action around the KEY HIDDEN LEVELS in BP over the past 10 months - There have been multiple tests of the key support lines that provided ideal and low risk entries on pull-backs.
Subscribe to "Key Hidden Levels" in the "Marketplace Add-Ons" section of "Indicators" .
I'm looking to get long against support down here - I will post my entries here on Tradingview.
Also, if you are short CVX against purchases in BP, you can create a "market neutral - pairs trade". See the link to CVX below.
Tim
Chevron Corporation Collapses Off Highs: Buy It HereChevron Corporation (NYSE:CVX) has dropped sharply over the last week. The stock just made a new all-time highs prior, and is seeing profit taking. Chevron Corp will hit support at $122.00. This is a culmination of support trend lines as well as the 200 daily moving average. A significant bounce should occur if this level is hit in the next week. Chevron can be taken as a swing trade.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com