Chevron Stock Forecast

Chevron stock price ended at $162.54 on Wednesday, after losing 0.0799%.
(Updated on May 08, 2024)

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 $161.34 and $160.04. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 -2.28%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

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 $1.54 between high and low, or 0.96%. For the last week the stock has had daily average volatility of 1.44%.

Our recommended stop-loss: $157.12 (-3.33%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 7 days ago.)

Trading Expectations (CVX) For The Upcoming Trading Day Of Thursday 9th

For the upcoming trading day on Thursday, 9th we expect Chevron Corporation to open at $162.39, and during the day (based on 14 day Average True Range), to move between $159.83 and $165.25, which gives a possible trading interval of +/-$2.71 (+/-1.67%) up or down from last closing price. If Chevron Corporation takes out the full calculated possible swing range there will be an estimated 3.33% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $162.67 (0.08%) than the support at $161.27 (0.78%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

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.

Current score: 2.512 Buy Candidate Unchanged

Predicted Opening Price for Chevron Corporation of Thursday, May 9, 2024

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