Chevron Stock Forecast
Chevron stock upgraded from Buy Candidate to Strong Buy Candidate after Thursday trading session.
(Updated on Apr 25, 2024)
The Chevron stock price gained 1.05% on the last trading day (Thursday, 25th Apr 2024), rising from $163.57 to $165.28. It 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 last trading day the stock fluctuated 1.80% from a day low at $162.67 to a day high of $165.60. The price has risen in 7 of the last 10 days and is up by 2.09% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 million more shares were traded than the day before. In total, 9 million shares were bought and sold for approximately $1.55 billion.
The stock has broken the weak rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $164.87, a level that may pose a second chance to hit a runner. According to fan-theory $174.41 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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CVX Signals & Forecast
The Chevron 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 $161.08 and $157.72. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 5.76%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Chevron stock
On the downside, the stock finds support just below today's level from accumulated volume at $152.16 and $148.88. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Chevron finds support just below today's level at $152.16. If this is broken, then the next support from accumulated volume will be at $148.88 and $148.33.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $2.93 between high and low, or 1.80%. For the last week the stock has had daily average volatility of 1.80%.
Since the Chevron 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.
Our recommended stop-loss: $158.20 (-4.28%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 7 days ago.)
Trading Expectations (CVX) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Chevron Corporation to open at $164.52, and during the day (based on 14 day Average True Range), to move between $162.65 and $167.91, which gives a possible trading interval of +/-$2.63 (+/-1.59%) up or down from last closing price. If Chevron Corporation takes out the full calculated possible swing range there will be an estimated 3.18% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $152.16, some $13.12 (7.94%) from the current price of $165.28, our system finds the risk reward attractive.
Earnings coming up
Chevron will release earnings BMO on Friday, April 26, 2024.The consensus among the analysts for the expected earnings (EPS) is $2.84. We will update the financials statements for Chevron, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 3.29% in the first trading day after earnings release.
Is Chevron Corporation stock A Buy?
Chevron holds several positive signals and has broken the weak rising trend up. As the stock is also in great technical shape we, therefore, consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 5.569 Strong Buy Candidate Upgraded
Predicted Opening Price for Chevron Corporation of Friday, April 26, 2024
Fair opening price April 26, 2024 | Current price |
---|---|
$164.52 ( 0.462%) | $165.28 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CVX
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 167.45 | 1.31 % | |
R2 | 166.33 | 0.634 % | ||
R1 | 165.64 | 0.215 % | ||
Current price: | 165.28 | |||
Support | S1 | 163.40 | -1.14 % | |
S2 | 162.71 | -1.56 % | ||
S3 | 161.59 | -2.23 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 0 | . | ||
Current price | 165.28 | |||
Support | S1 | 152.16 | -7.94% | |
S2 | 148.88 | -9.92% | ||
S3 | 148.33 | -10.26% |
CVX Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Feb 02, 2024 | Feb 15, 2024 | Mar 11, 2024 | $1.63 | 1.07% |
2 | Oct 27, 2023 | Nov 16, 2023 | Dec 11, 2023 | $1.51 | 1.05% |
3 | Jul 28, 2023 | Aug 17, 2023 | Sep 11, 2023 | $1.51 | 0.92% |
4 | Apr 28, 2023 | May 18, 2023 | Sep 11, 2023 | $1.51 | 0.92% |
5 | Jan 25, 2023 | Feb 15, 2023 | Jun 12, 2023 | $1.51 | 0.96% |
FAQ
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