CVX Bearish pennant seems to be holding. Moving into earnings now. CVX is in a weakened position, will of course oil, slumping...but also strong dollar exposure. CVX has a bunch of big gas projects overseas (Australia) and the strong dollar, weak gas, and high execution cost overseas may just be the drag to break it to the down side.
Volume is nice here...strong buyers at the bottom of the wedge, no one wants it at the top of the wedge.
Should crash down to $100 at earnings and get support with strong dividend buyers
***Overall*** If you love the long term $100 is a great place to buy.
So keeping CAPEX high because of existing long-term development, but looks like they had good hedging on the weak dollar, +$200 over previous year...but they cancled the share buy back
Be an exciting day tomorrow...COP, CAM, and OXY reported today, all with big capital reduction efforts...but CVX has big massive project which will be difficult to cut, so they will have more challenges in using the CAPEX reduction game plan.