CVX Not Looking So Hot...Monthly candle chart...
The bearish Moving Average Cross (9 month, 21 month) is by far the most concerning due to the fact that it has so accurately marked the early stages of large downtrends.
This stock has an unhealthy love for everything fibonacci....retracements, extensions, you name it... (some shown).
What appears to be the 4th month after the monthly PSAR flipped to "bearish" looks to be only the beginning.
CVX cracked the 200 week simple moving average support (not shown), which is never a good thing.
The drop in crude oil prices have hurt the industry and therefore CVX.
Not that it will do much good for quite a while, but I am thinking that the bottom of this decline will be in the mid-80's, at which point this becomes an excellent buy.
The only thing that I see as bullish is the respectable dividend, although it is not so high that it will prevent further decline.
...wait and enter in the 80's OR short sell if you choose.
