Chevron's weekly trend has been up since June of 2015 and it recently breached a strong weekly support only to quickly get back over it. It has a strong weekly support of 102.69 so as long as the week closes above that price the weekly support will remain in effect.
Now Chevron is trading in a small zone between roughly 108-118.
Some long candles formed with a bottom of around 108 which created a short-term support and Friday's move was pretty bullish. I would expect the uptrend to continue when it closes above 117.90 which is currently the short-term resistance.
Earnings were above expectations a few weeks ago and it is currently trading at last years prices with better earnings.
A close under 108 would indicate more sideways movement for unknown duration. I'll keep you posted. 2/25
Now Chevron is trading in a small zone between roughly 108-118.
Some long candles formed with a bottom of around 108 which created a short-term support and Friday's move was pretty bullish. I would expect the uptrend to continue when it closes above 117.90 which is currently the short-term resistance.
Earnings were above expectations a few weeks ago and it is currently trading at last years prices with better earnings.
A close under 108 would indicate more sideways movement for unknown duration. I'll keep you posted. 2/25
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