I think that CVX
is over-extended here at $103.69 on this rally from the 87 level up to 104. There were strong sellers that emerged at these levels back in April
, May, June, July & August. Look for a retest of the $100-$98 support level
with risk to $106+. I liked getting long crude oil
when prices were down near $80 per barrel, but now that prices are back towards $90 per barrel, I think it makes sense to look at the short side or at least hedge off your long exposure here.