the_get_man
Short

Bearish Head&Shoulders Formed

NYSE:CVX   CHEVRON CORP NEW
30 0 0
CVX             is one of the most bullish stocks I have seen so shorting this will be tough but a head and shoulders has formed and support has been broken by a bearish candle with good volume . I think the stock will retest the neck line for an entry and then trade down to the 200-simple.

Here is the setup
Trigger: 99.36
Stop:101.01
Target 1:96.07
Target 2: 92.93

***Thoughts***My thoughts on CVX             is that when gas was trading around this same price last year the stock was trading around 85-90/per share. It has had a bullish run up for the summer which was predicted in an early post you can link to below but I think the stock price comes down with the less travel demand. CVX             is also keeps financing the dividend with debt which I believe is a bad idea. If oil             doesn't move up, CVX             will have to lower the dividend. If this happens I believe we see 2015 Lows. I will be a buyer
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