Chevron Corporation (NYSE:CVX) continues to fall, even as the markets float higher. The stock has collapsed from a recent high of $126.50 to a low today of $115.32. As it falls, look for the master support level of $114.85. Should that level hit today or tomorrow, it is a long swing trade with an upside bounce target of $120.00.
Gareth Soloway
Chief Market...
Chevron is one of the shares, that I would trade frequently because of the good fundamentals. We currently have a good long opportunity with risk/reward ratio of about 1.5.
WAS WAITING FOR THIS BREAKOUT. NICE BOUNCE OFF THE LOWER LONG TERM TREND LINE AND TODAY FINALLY BROKE ABOVE THE 200EMA JUST LIKE IT DID BACK IN BEGINNING OF JULY AND ENJOYED A NICE RIDE UP FROM THERE. HOP IN NOW AND ENJOY THE RIDE UP OVER THE NEXT MONTH OR SO.
If Chevron Corporation (NYSE:CVX) is going to bounce, the spot revealed on the chart is where it will happen (Master Trend Line + 200MA). This is a major near term support and could possibly see a bounce on $CVX to $121.50. Down the line, this trend line will give way and the stock will go much lower but in the short run, this may be a solid swing trade...
