Stock of the day: Chevron

By Tomasz Wisniewski|

Published: December 28 2023, 08:34 GMT+0

Stock of the day: Chevron

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In today’s discussion, we turn our attention to Chevron Corporation, an energy giant that’s demonstrating intriguing chart movements. November and early December saw Chevron’s stock price hover close to mid-term lows in a sideways pattern, illustrated by the yellow rectangle on the chart. However, mid-December marked a turning point as Chevron broke free from this lull, initiating an upward trend. This bullish momentum carried significant weight, propelling the stock beyond a crucial horizontal resistance level at $150, shown in green.

The key focus now lies in how Chevron’s stock price interacts with this newfound support level. The recent retest of this breakout point – transitioning from resistance to support – has proven successful, with the stock maintaining its position above this critical level. This positive sentiment will likely persist as long as Chevron remains above this green-marked support zone. However, traders should watch closely for any potential dips below this threshold, as breaking below could switch the signal to bearish, indicating a sell opportunity.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-chevron

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