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Watch for Chevron to Potentially Pullback After Gaining 1.29% Yesterday

By Shiri Gupta

Chevron (NYSE:CVX) traded in a range yesterday that spanned from a low of $102.64 to a high of $103.40. Yesterday, the shares gained 1.3%, which took the trading range above the 3-day high of $101.74 on volume of 2.8 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 $102.93, which is 48% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.3%.

SmarTrend recommended that subscribers consider buying shares of Chevron on February 17th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $86.84. Since that recommendation, shares of Chevron have risen 17.0%. We continue to monitor CVX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: rebounders Chevron

Ticker(s): CVX