Chevron Corporation stock price up 0.96% on FridayStockInvest.us, 1 month ago
The Chevron Corporation stock price gained 0.96% on the last trading day (Friday, 27th May 2022), rising from $176.59 to $178.28. , and has now gained 7 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the day the stock fluctuated 1.51% from a day low at $175.69 to a day high of $178.35. The price has risen in 8 of the last 10 days and is up by 6.2% over the past 2 weeks. Volume fell on the last day by -750 thousand shares and in total, 11 million shares were bought and sold for approximately $1.87 billion. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
Citigroup is very positive about CVX and gave it a "$160.00 - $170.00" rating on May 19, 2022. The price target was changed from 166.86 to 0.71.Over the last 90 days, this security got 15 buy, 2 sell, and 0 hold ratings.
The stock lies in the upper part of a wide and weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $179.61 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 5.99% during the next 3 months and, with a 90% probability hold a price between $169.36 and $190.36 at the end of this 3-month period.
Mostly positive signals in the chart today. The Chevron Corporation stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $172.76 and $167.06. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, May 09, 2022, and so far it has risen 11.95%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Chevron Corporation finds support from accumulated volume at $170.82 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $2.66 between high and low, or 1.51%. For the last week, the stock has had a daily average volatility of 1.89%.
The Chevron Corporation stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.Since the Chevron Corporation has been rising for 7 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Chevron Corporation holds several positive signals and is within a weak rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.Check full Chevron forecast and analysis here.