Chevron Corp (CVX) Up 8.98%, Breaks Above 50 Day Average; in an Uptrend Over Past 14 Days

Chevron Corp Daily Price Recap

Chevron Corp’s 3 day negative streak has officially concluded, as the candle from the day prior closed up 8.98% ($7.18). The change in price came along side change in volume that was up 30.76% from previous day, but down 1.07% from the Sunday of last week. Below is a daily price chart of Chevron Corp.

Chevron Corp Technical Analysis

Notably, Chevron Corp crossed above its 50 day moving average 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. Or to view things another way, note that out of the past 14 days Chevron Corp’s price has gone up 8 them. Price action traders may also wish to note the presence of a bullish engulfing pattern in the midst of the downtrend on the 14 and 90 day charts, which may signal the trend is concluding.

Overheard Around the Web

Over on StockTwits, here’s an example of what they’re saying about CVX:

    $CVX When oil hits -37/barrel even though it is being hit hard by contract timing… it is a wake up call if you are long Oil.

    The oil companies were in trouble long before the Coronavirus Black Swan event, but it will certainly devastate their profits.

    The happy talk lies of last week were just that… lies to prop up a commodity that experts knew was about to plunge hugely.

    There was never any kind os 20% cut agreed to. That was a lie.

    The only real cuts promised totaled around 10% and they don’t take place until May, and they wouldn’t be nearly enough to make up for the 30% drop in demand.

    And the demand drop is not going to be a one month phenomena. It will surely rebound some, but not soon as massive consumers like India are only just starting to really slow down…..

    This is not a buy the dip stock… not at this price anyway….