InTheMoney Stocks

$CVX: When It Gets Here, Buy It

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Chevron Corporation (NYSE:CVX) continues to fall, even as the markets float higher. The stock has collapsed from a recent high of $126.50 to a low today of $115.32. As it falls, look for the master support level of $114.85. Should that level hit today or tomorrow, it is a long swing trade with an upside bounce target of $120.00.

Gareth Soloway
Chief Market Strategist
Very nice call indeed.
Chevron is working on its main product to sustain in the /1cylXuJ#
#Chevron was able to increase revenues in 3QFY13 but its earnings missed analyst expectations, as sell side estimates on the company were bullish so EPS estimates were very high. Despite the increase in production compared to the same quarter of the prior year, the profit estimates were too high to beat.
Adam, that fundamental news is great, however, it would not have alerted you to buy the perfect low point in CVX as the technicals did here. All too often, fundamentals are based on manipulated and other useless information. Take note of the level on the $CVX chart of $114.85, that is where Gareth said would be the place to buy CVX. As you can see, that was the perfect entry point, and it was revealed through the charts, technicals (reading charts) not fundamentals which all too often lags the price of an instrument. Thanks
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