Chevron shakes off negative pressure - Analysis - 01-08-2022

Chevron's stock (CVZ) surged in the intraday levels after reporting profits of $5.82 per share on sales of $68.8 billion, while increasing directives for stock buybacks to $15 billion from $10 billion, sending the stock 8.90% higher, or 13.39 points, and settling at 163.78, with trading volumes surpassing 17.1 million shares, above 10-day averages of 8 million shares.

The stock managed to pierce the current resistance of 151.36, while surpassing the resistance of the 50-day SMA, shaking off its pressure, amid the dominance of the main upward trend in the medium term, with positive signals from the RSI despite reaching overbought levels.

Therefore we expect more gains for the stock, targeting the pivotal resistance of 182.40, provided it holds above 151.36.

Open Live Trading Account

Expected trend for today: Bullish