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Possible Bearish Inside Day Candle Pattern Detected for Chevron Corp (NYSE:CVX)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Chevron Corp (NYSE:CVX) based on the price action in the company's shares. Today's price range of $111.23 and $111.85 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Chevron Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Chevron Corp share prices have moved between a 52-week high of $127.34 and a 52-week low of $105.40 and are now trading 6% above that low price at $111.79 per share. The 200-day and 50-day moving averages have moved 0.08% lower and 0.34% lower over the past week, respectively.

Potential upside of 26.0% exists for Chevron Corp, based on a current level of $111.79 and analysts' average consensus price target of $140.81. The stock should run into initial resistance at its 50-day moving average (MA) of $115.60 and subsequent resistance at its 200-day MA of $118.88.

Chevron Corporation is an integrated energy company with operations in countries located around the world. The Company produces and transports crude oil and natural gas. Chevron also refines, markets, and distributes fuels, as well as is involved in chemical and mining operations, power generation, and energy services.

SmarTrend is tracking the current trend status for Chevron Corp and will alert subscribers who have CVX in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle chevron corp

Ticker(s): CVX