Killy_Mel
Short

DOW JONES OVERVIEW: CVX IS ON MACRO RISK

NYSE:CVX   CHEVRON CORP NEW
Chevron Corp is on risk to fall further on macro and micro basis.

On long term basis, despite price is trading within 1st standard deviation from 10-year mean, it fell below lower 1st standard deviation from 5-year mean, risking more downside.

On short term basis price is in fully fledged downtrend, trading below 1st standard deviations from 1-year and quarterly mean.

Downside risk will remain until price gets back above 93, which turns out to be a key level - 4 pivot levels converged there now (see chart) and breaking above it will cancel all current downtrends.
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