Chevron Corp (CVX) Fares the Worst Out of mega cap US stocks, Down 3.46%; Evening Star Pattern Appearing on Chart

Chevron Corp 4 Hour Price Update

Updated August 19, 2020 04:39 PM GMT (12:39 PM EST)

In the past four hours of today’s trading session, CVX’s price is down $-0.61 (-0.7%). For context, Chevron Corp’s peers in the in the Petroleum and Natural Gas industry are up 0.52% on average in this time, while its peers in the broader Energy sector are up by an average of 0.41%.

Chevron Corp Daily Price Recap

87.63 was the closing price of the day for Chevron Corp, resulting in today being one in which price moved down 3.46% ($3.14) from the day prior. The change in price came along side change in volume that was down 23.78% from previous day, but up 11.05% from the Tuesday of last week. Below is a daily price chart of Chevron Corp.


Chevron Corp Technical Analysis

Moving average crossovers are always interesting, so let’s start there: Chevron Corp crossed below its 20, 50 and 100 day moving averages yesterday. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 6 out of the past 10 days. And for candlestick traders, a special treat: there is a evening star pattern showing up on the charts as well. Rejoice!

Overheard Around the Web

Here’s what one trader on StockTwits recently had to say in regards to CVX:

    $XOM $CVX ExxonMobil and Chevron are determined to maintain their payouts and took on billions of dollars in additional debt just to keep their shareholders happy. These businesses preferred to reduce spending in other areas like exploration and research and development.

    Essentially, the oil majors can be broadly separated into two categories – those who have made peace with the idea that oil prices may have entered a prolonged slump and who have already slashed their dividends, and those businesses who are projecting a recovery for energy prices and who are holding out hope that they will never have to cut their payouts. Only time will tell which of these policies will end up being the correct one.