CVX: oil prices are on the rise. Trading idea for 28/09/2023
Oil prices for benchmark brands Brent and WTI are confidently surging towards 100 USD per barrel. In Q3 2023, the value of "black gold" has already soared by 30%. Revenues of companies within the oil and gas sector promise to be substantial at the end of the year. Moreover, such firms typically pay attractive dividends to investors.
Considering these developments, it is compelling to take a closer look at the stocks of energy companies. Today, our focus is on the Chevron Corporation chart (NYSE: CVX), one of the world's leaders in the oil and gas industry.
On the D1 timeframe, support lies at 167.01, with resistance at 168.52. This level was broken through on Wednesday 27 September 2023, and a new resistance level is yet to be established. There is also a clear upward trend on the H1 timeframe. In the short term, there is a potential price increase to 185.25, and in the medium term, a rise to 192.75 is likely.
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Ideas and other content presented on this page should not be considered as guidance for trading or an investment advice. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.87% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Considering these developments, it is compelling to take a closer look at the stocks of energy companies. Today, our focus is on the Chevron Corporation chart (NYSE: CVX), one of the world's leaders in the oil and gas industry.
On the D1 timeframe, support lies at 167.01, with resistance at 168.52. This level was broken through on Wednesday 27 September 2023, and a new resistance level is yet to be established. There is also a clear upward trend on the H1 timeframe. In the short term, there is a potential price increase to 185.25, and in the medium term, a rise to 192.75 is likely.
—
Ideas and other content presented on this page should not be considered as guidance for trading or an investment advice. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.87% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.