Chevron Stock Forecast

Chevron stock upgraded from Hold/Accumulate to Buy Candidate after Monday trading session.
(Updated on May 06, 2024)

CVX Signals & Forecast

The Chevron stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $162.34. On a fall, the stock will find some support from the long-term average at approximately $159.66. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, April 29, 2024, and so far it has fallen -2.42%. Further fall is indicated until a new bottom pivot has been found.

Support, Risk & Stop-loss for Chevron stock

Chevron finds support from accumulated volume at $161.27 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 $3.29 between high and low, or 2.05%. For the last week the stock has had daily average volatility of 2.07%.

Our recommended stop-loss: $155.93 (-3.93%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 5 days ago.)

Trading Expectations (CVX) For The Upcoming Trading Day Of Tuesday 7th

For the upcoming trading day on Tuesday, 7th we expect Chevron Corporation to open at $162.35, and during the day (based on 14 day Average True Range), to move between $159.37 and $165.23, which gives a possible trading interval of +/-$2.93 (+/-1.81%) up or down from last closing price. If Chevron Corporation takes out the full calculated possible swing range there will be an estimated 3.61% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $161.27 (0.63%) than the resistance at $163.57 (0.78%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Chevron Corporation stock A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Chevron stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 3.505 Buy Candidate Upgraded

Predicted Opening Price for Chevron Corporation of Tuesday, May 7, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.