• Subscribe
  • Log In
  • Home
  • Daily Diary
  • Asset Class
    • U.S. Equity
    • Fixed Income
    • Global Equity
    • Commodities
    • Currencies
  • Sector
    • Basic Materials
    • Consumer Discretionary
    • Consumer Staples
    • Energy
    • Financial Services
    • Healthcare
    • Industrials
    • Real Estate
    • Technology
    • Telecom Services
    • Transportation
    • Utilities
  • Latest
    • Articles
    • Video
    • Columnist Conversations
    • Best Ideas
    • Stock of the Day
  • Street Notes
  • Authors
    • Bruce Kamich
    • Doug Kass
    • Jim "Rev Shark" DePorre
    • Helene Meisler
    • Jonathan Heller
    • - See All -
  • Options
  • RMPIA
  • Switch Product
    • Action Alerts PLUS
    • Quant Ratings
    • Real Money
    • Real Money Pro
    • Retirement
    • Stocks Under $10
    • TheStreet
    • Top Stocks
    • Trifecta Stocks
  1. Home
  2. / Investing
  3. / Stocks

Chevron Got an Upgrade, but What Do the Charts Look Like?

We're taking another look at the oil giant after the stock receives a fundamental boost.
By BRUCE KAMICH
Nov 15, 2021 | 03:15 PM EST
Stocks quotes in this article: CVX

Chevron (CVX) was upgraded to a "buy" by a sell-side firm Monday. When we reviewed CVX on Sept. 17 we wrote that, "The price of CVX has corrected lower for six months now. We have some tentative signs that support around $95 is holding and that gives us optimism about a move to the upside. Traders could go long CVX on strength above $102.50 risking to $94."

Let's check out the charts again.

In the daily bar chart of CVX, below, we can see that the shares have rallied strongly after breaking above $102.50. Prices made a new 52-week high today. Prices are nicely above the rising 50-day and the rising 200-day moving averages. We can also see a recent bullish golden cross of these two indicators.

The On-Balance-Volume (OBV) line has been strong since late September and that helps to confirm the price gains. The Moving Average Convergence Divergence (MACD) oscillator is pointed down but narrowing towards a new buy signal, I expect.

 
In the weekly Japanese candlestick chart of CVX, below, we see a positive picture. Prices are in an uptrend above the rising 40-week moving average line.
 
The weekly OBV line is strong and matches the new price high. The MACD oscillator has crossed to the upside for a new outright buy signal.
 
 
In this daily Point and Figure chart of CVX, below, we can see the upside breakout and a new price target of $136.
 
 
In this weekly Point and Figure chart of CVX, below, we see that the software has figured out a potential $159 price target.
 
 
Bottom-line strategy: It's nice when the fundamentals follow the charts -- stay long CVX from the $102.50 area. Raise stops to $101 from $94. Our price targets are $136 and then the $159 area.
 
Get an email alert each time I write an article for Real Money. Click the "+Follow" next to my byline to this article.

Employees of TheStreet are prohibited from trading individual securities.

TAGS: Investing | Stocks | Technical Analysis | Energy | Natural Gas | Analyst Actions |

More from Stocks

Alibaba Shares Spurt Higher, but Drags on the Online Giant Lurk

Alex Frew McMillan
May 27, 2022 9:14 AM EDT

China's ongoing fight against COVID threatens to make the going tough for companies that do business there.

Thursday's Action Was Promising For Those Awaiting a Bear Market Bounce

Bob Byrne
May 27, 2022 8:30 AM EDT

The post-earnings rebounds of Snowflake and Nvidia plus the rally in the major indexes gave traders reasons for hope, at least in the near term.

Holding Up a Mirror to Ulta Beauty and Seeing a Tricky Technical Position

Bruce Kamich
May 27, 2022 8:01 AM EDT

Solid first-quarter results are sending shares of the beauty products retailer higher, but the question is whether that strong move will hold.

Don't Change the Channel on Roku

Bruce Kamich
May 27, 2022 7:37 AM EDT

Here's why the shares could stage a recovery.

Be Adaptable, Trade Tactically, Pretty Sweet Earnings, Death of Crypto?

Stephen Guilfoyle
May 27, 2022 7:36 AM EDT

Plus, to survive in this market you must be a jack of all trades and understand both the fundamental and technical sides of the investing coin.

Real Money's message boards are strictly for the open exchange of investment ideas among registered users. Any discussions or subjects off that topic or that do not promote this goal will be removed at the discretion of the site's moderators. Abusive, insensitive or threatening comments will not be tolerated and will be deleted. Thank you for your cooperation. If you have questions, please contact us here.

Email

CANCEL
SUBMIT

Email sent

Thank you, your email to has been sent successfully.

DONE

Oops!

We're sorry. There was a problem trying to send your email to .
Please contact customer support to let us know.

DONE

Please Join or Log In to Email Our Authors.

Email Real Money's Wall Street Pros for further analysis and insight

Already a Subscriber? Login

Columnist Conversation

  • 02:46 PM EDT STEPHEN GUILFOYLE

    We're Shedding Some of This Holding on Strength

    Check out the Stocks Under $10 portfolio here!
  • 11:33 AM EDT PETER TCHIR

    Thoughts Ahead of the Fed Minutes

    Recent economic and earnings issues are convincing...
  • 02:24 PM EDT PAUL PRICE

    An Interesting Chart

    I'm betting heavily that stocks will be way up aga...
  • See More

COLUMNIST TWEETS

  • A Twitter List by realmoney
About Privacy Terms of Use

© 1996-2022 TheStreet, Inc., 225 Liberty Street, 27th Floor, New York, NY 10281

Need Help? Contact Customer Service

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data & Company fundamental data provided by FactSet. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by FactSet Digital Solutions Group.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

FactSet calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.

Compare Brokers

Please Join or Log In to manage and receive alerts.

Follow Real Money's Wall Street Pros to receive real-time investing alerts

Already a Subscriber? Login