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Upgrade Alert for Chevron (CVX)

By David Diaz

Chevron (NYSE:CVX) was upgraded from Hold to Buy at Societe Generale today. The stock closed yesterday at $100.04 on volume of 8.8 million shares, above average daily volume of 6.5 million.

Chevron has overhead space with shares priced $100.04, or 11.8% below the average consensus analyst price target of $113.38. The stock should run into initial resistance at its 50-day moving average (MA) of $106.18 and subsequent resistance at its 200-day MA of $110.71.

In the past 52 weeks, shares of Chevron have traded between a low of $98.81 and a high of $135.10 and closed yesterday at $100.04, which is 1% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 0.3%.

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 May 19th, 2015 by issuing a Downtrend alert when the shares were trading at $105.66. Since that call, shares of Chevron have fallen 5.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades Chevron

Ticker(s): CVX