Chevron has confirmed the resistance channel structure which it broke several weeks ago is now acting as solid support.
As long as CVX continues to settle on a weekly basis above the BLUE channel structure which it retested last week, $200 isn't out of the question.
Especially on the back of crude oil strength if the energy market stays strong, CVX will in fact continue to benefit from the underlying sector rally.
Timing ... 3 - 5 months? I'd be considering a call option 6 with a 6 - 9 month expiration from now if I was going that route.
As always, time will tell ... but I like the setup!
As long as CVX continues to settle on a weekly basis above the BLUE channel structure which it retested last week, $200 isn't out of the question.
Especially on the back of crude oil strength if the energy market stays strong, CVX will in fact continue to benefit from the underlying sector rally.
Timing ... 3 - 5 months? I'd be considering a call option 6 with a 6 - 9 month expiration from now if I was going that route.
As always, time will tell ... but I like the setup!
Anthony Speciale, founder of Speciale Analysis offers a LIVE Price Action trading program designed to serve retail traders of all experience levels.