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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 $124.79 and $125.24 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.

In the past 52 weeks, Chevron Corp share prices have been bracketed by a low of $100.22 and a high of $128.55 and are now at $124.81, 25% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.3%.

Potential upside of 12.8% exists for Chevron Corp, based on a current level of $124.81 and analysts' average consensus price target of $140.81. The stock should find initial support at its 50-day moving average (MA) of $121.89 and further support at its 200-day MA of $118.76.

SmarTrend recommended that subscribers consider buying shares of Chevron Corp on June 7th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $121.33. Since that recommendation, shares of Chevron Corp have risen 3.3%. We continue to monitor CVX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle chevron corp

Ticker(s): CVX