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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Chevron (NYSE:CVX) based on the price action in the company's shares. Yesterday's price range of $104.36 and $105.69 is within the prior day'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. Traders and investors interested in shares of Chevron may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Chevron (NYSE:CVX) has potential upside of 23.2% based on a current price of $104.88 and analysts' consensus price target of $129.23. The stock should find initial support at its 50-day moving average (MA) of $95.54 and further support at its 200-day MA of $88.23.

Over the past year, Chevron has traded in a range of $69.58 to $119.00 and closed yesterday at $104.88, 51% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.3%.

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 operations, mining operations, power generation and energy services.

SmarTrend recommended that its subscribers protect gains by selling shares of Chevron on January 27th, 2017 by issuing a Downtrend alert when the shares were trading at $113.77. Since that call, shares of Chevron have fallen 8.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle Chevron

Ticker(s): CVX