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Look for Shares of Chevron to Potentially Pullback after Yesterday's 1.48% Rise

By Nick Russo

Chevron (NYSE:CVX) traded in a range yesterday that spanned from a low of $102.31 to a high of $103.70. Yesterday, the shares gained 1.5%, which took the trading range above the 3-day high of $102.25 on volume of 2.2 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

In the past 52 weeks, shares of Chevron have traded between a low of $69.58 and a high of $109.93 and are now at $103.20, which is 48% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.3%.

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

Keywords: rebounders Chevron

Ticker(s): CVX