quantguy
Short

Chevron Running out of Gas

NYSE:CVX   CHEVRON CORP NEW
We saw a nice rally beginning on 9/30, but recently the price has failed to establish new highs. Further, we are seeing decreasing slopes on the lines connecting the highs which is usually an indication of a bearish turn around. The Ichimoku cloud indicates some support around $82.71, which coincides nicely with the level of support from the low of 8/06. A Fibonacci retracement gives another intermediary target at around $85.35

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