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CHEVRON CORPCHEVRON CORPCHEVRON CORP

CHEVRON CORP

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CVX trade ideas

Chevron analysisChevron's weekly trend has been up since June of 2015 and it recently breached a strong weekly support only to quickly get back over it. It has a strong weekly support of 102.69 so as long as the week closes above that price the weekly support will remain in effect. Now Chevron is trading in a small zone between roughly 108-118. Some long candles formed with a bottom of around 108 which created a short-term support and Friday's move was pretty bullish. I would expect the uptrend to continue when it closes above 117.90 which is currently the short-term resistance. Earnings were above expectations a few weeks ago and it is currently trading at last years prices with better earnings. A close under 108 would indicate more sideways movement for unknown duration. I'll keep you posted. 2/25
NYSE:CVXLong
by octradr
CVX demand zone long opportunityCVX dropped after its earning report, and it gave a inside day breakout afterward. At the same time, the oil price rallies a lot that is very close to the important pivot. Being bullish about oil but not willing to chase the high before the resistance, long a oil company may be an alternative. Often times, a demand/supply zone is formed by inside bar breakout/breakdown despite the fact that they have totally different trading philosophy. While if we missed the inside bar breakout to catch the momentum, a pull-back strategy is still better than chase the high.
NYSE:CVXLong
by Trader_Joe_Lee
History Says Chevron (CVX) Is Set To Decline At Least 5%Chevron has climbed quick in the previous month. This could be due to hurricanes in the United States and/or OPEC manipulation. No matter the world and economic reasoning, the technicals have a response for this overexuberant movement; the stock will begin dropping soon. The history of this stock has been studied and the information is explained below. The relative strength index (RSI) is at 80.3974. RSI tends to determine trends, momentum, overbought and oversold levels as well as likelihood of price swings. I personally use anything above 75 as overbought and anything under 25 as oversold. Currently the RSI is at an extreme level that has only occurred 26 times since 1973. The significance of this is outlined below and is the first signal of a pending downturn. The positive vortex indicator (VI) is at 1.3839 and the negative is at 0.5046. When the positive level is higher than 1 and higher than the negative indicator, the overall price action is moving upward. When the negative level is higher than 1 and higher than the positive indicator, the overall price action is moving downward. The both values are near extremes and this in conjunction with the extreme RSI reading will be covered in the SPECIFIC ANALYSIS section below. The stochastic oscillator K value is 95.0678 and D value is 83.0602. This is a cyclical oscillator that is highly accurate and can be used to identify overbought/oversold levels as well as pending reversals and short-term activity. I personally use anything above 80 as overbought and below 20 as oversold. When the D value is higher that the K value the stock is trending down. The stochastic is in overbought territory, but it could be another week before the D value is larger than the K value. In order for this crossover to occur, the stock would begin declining. We are looking to short the stock prior to this decline and more is explained below. SPECIFIC ANALYSIS I have created an algorithm (called SAG Gauge) which signals when stocks are truly overbought and oversold. The algorithm indicates when a particular stock meets multiple criteria culminating in an oversold or overbought signal. That signal will most likely occur within a few trading days after the stock has begun to move downward. Recognizing this movement and pending signal can increase profit by entering early. Upon back-testing this indicator, it has signaled overbought status 111 times dating back to 1973. Seventy percent of the time, the stock drops at least 3% over the following 30 trading days after the indicator date. Sixty percent of the time the stock drops at least 5% and fifty percent of the time loses 6.5%. Even though a drop does not always occur, taking the below information into consideration makes us believe we are in that 60% of the time range. As mentioned above, the RSI alone is at an extreme level that has only occurred 26 individual trading days since 1973. The stock always drops at least 1.58% from the date it reaches the 80.3974 level (which was just achieved on Sept 22) over the following 30 trading days. The median drop over this time frame is 5.71%, average is 6.81% and the maximum drop is 20.35%. Since 1973, this stock always drops at least 5% when the RSI is at or above its current level, while the positive VI is at or above its current level and the stochastic is in overbought territory. These conditions have only been met four times and the instances were evaluated. The median decline for the stock has been 15.08% over the following 30 trading days. On three of these four occasions, the stock continued to go up for at least 2 more trading days. This additional climb resulted in a minimum stock decline of 6.75%. Between all of the mentioned historics, I believe the stock could drop at least 5% over the following 40 trading days if not sooner. The best indicator is the simultaneous extremes that have been achieved by the RSI & positive VI. The RSI extreme alone supports this belief & the SAG helps.
NYSE:CVXShort
by StockSignaler