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

By Shiri Gupta

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 $116.06 and $116.66 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 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.

Chevron Corp (NYSE:CVX) has potential upside of 20.8% based on a current price of $116.56 and analysts' consensus price target of $140.81. The stock should run into initial resistance at its 50-day moving average (MA) of $118.58 and subsequent resistance at its 200-day MA of $119.87.

Chevron Corp share prices have moved between a 52-week high of $127.34 and a 52-week low of $100.22 and are now trading 16% above that low price at $116.56 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.2%.

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