thelab
Long

CVX Trend Reversal

NYSE:CVX   CHEVRON CORP
CVX
16 0 0
cvx
Despite recent macro-effects, the momentum might be changing for CVX             . Three reasons I believe this:

1) Recent Resistance set before the Aug 'Flash Crash' has been broken.
2) Momentum behind the trend has been confirmed my Chaikin Oscillator , soon to be confirmed by MA Trix , confirmed by Murray's Math Oscillator.
3) Large volume spike prior to Resistance Break, which I have attributed to the relatively cheap price (P/E) and high yield dividends.

I have taken a position at 78.30 after I saw these indications develop. Looking for a short term price target of $100 w/ a stop limit at the new support of $82. This will be highly-depended on the 10/30 earnings release at which point new levels may have to be defined. Thoughts would be greatly appreciated.
Comment: Sold at $90 on 11/11. Will let drop back down to 80 before re-investment. Oil volatility is great!
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