Followers | 686 |
Posts | 142554 |
Boards Moderated | 35 |
Alias Born | 03/10/2004 |
![](https://investorshub.advfn.com/uicon/35728.png?cb=1539773763)
Thursday, May 23, 2024 2:43:58 PM
By: Schaeffer's Investment Research | May 23, 2024
• Chevron stock pulled back to a historically bullish trendline
• The stock could bounce back towards seven-month highs
The shares of oil and gas stock Chevron Corp (NYSE:CVX) still sport a fractional year-over-year lead, despite pulling back over the last two weeks. In fact, going back to May 13, CVX's only win was a 1% gain on May 17. While the security is pacing for its second consecutive weekly loss, investors may have a potential "buy on the dip" situation on their hands.
That's because this recent pullback has Chevron stock trading within one standard deviation of its 260-day moving average, a trendline with historically bullish implications. Per Schaeffer's Senior Quantitative Analyst Rocky White, the security saw four similar signals over the past three years, after which it was higher one month later 75% of the time, averaging a 7.6% gain. A move of similar magnitude would put CVX nearly $170, or its highest level since October 2023.
![](http://schaeffers-cdn.s3.amazonaws.com/images/default-source/schaeffers-cdn-images/2024/may/intraday/cvx-chart-may-232023.png?sfvrsn=66ca606_2)
An unwinding of pessimism amongst options traders could provide the shares with tailwinds. This is per CVX's Schaeffer's put/call open interest ratio (SOIR) of 0.97 that stands higher than 90% of readings from the past 12 months.
Options are reasonably priced at the moment too, for those that wish to speculate on Chevron stock's next move. This is per the security's Schaeffer's Volatility Index (SVI) of 17%, which sits in the low 15th percentile of its annual range. This means options traders are pricing in low volatility expectations at the moment.
Read Full Story »»»
![](http://studentaid.gov/universal-navigation/assets/us_flag_small.png)
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
• DiscoverGold
FEATURED ECGI Holdings Enhances Board with Artificial Intelligence (AI) Expert Ahead of Allon Apparel Launch • Jul 10, 2024 8:30 AM
Avant Technologies to Meet Unmet Needs in AI Industry While Addressing Sustainability Concerns • AVAI • Jul 10, 2024 8:00 AM
Panther Minerals Inc. Launches Investor Connect AI Chatbot for Enhanced Investor Engagement and Lead Generation • PURR • Jul 9, 2024 9:00 AM
Glidelogic Corp. Becomes TikTok Shop Partner, Opening a New Chapter in E-commerce Services • GDLG • Jul 5, 2024 7:09 AM
Freedom Holdings Corporate Update; Announces Management Has Signed Letter of Intent • FHLD • Jul 3, 2024 9:00 AM
EWRC's 21 Moves Gaming Studios Moves to SONY Pictures Studios and Green Lights Development of a Third Upcoming Game • EWRC • Jul 2, 2024 8:00 AM