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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 $120.72 and $121.31 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 share prices have moved between a 52-week high of $127.34 and a 52-week low of $100.22 and are now trading 21% above that low price at $121.04 per share. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

Chevron Corp (NYSE:CVX) has potential upside of 16.3% based on a current price of $121.04 and analysts' consensus price target of $140.81. Chevron Corp shares have support at the 200-day moving average (MA) of $120.25 and additional support at the 50-day MA of $118.12.

SmarTrend is monitoring the recent change of momentum in Chevron Corp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Chevron Corp in search of a potential trend change.

Keywords: bearish inside day candle chevron corp

Ticker(s): CVX