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- 1 Chevron Stock Price (NYSE: CVX) is stuck in the narrow range between $150.00 to $160.00.
- 2 CVX Stock price is trying to break out of the 50-day and 200-day EMA.
- 3 Chevron Corporation beats the EPS as well as the estimated revenue.
Chevron Stock Price (NYSE: CVX) is down by approx 8% on a YTD basis. CVX Stock price has not performed well in 2023 and traded with a mild bearish bias.
Presently, Chevron stock is stuck in the narrow range between $150.00 to $160.00 and showing signs of base formation.
Chevron share price struggles to break the 50-day and 200-day EMA. However, the EMAs are sloping sideways indicating prices, lack direction, and more consolidation is possible.
At the beginning of April, CVX stock price tried to hold price near the supply zone at $170.00. But due to the strong presence of sellers, prices failed to give the follow-up momentum.
After consolidating for a few days near $170.00 prices reverted in the downward direction and eroded the previous gains.
The downfall halted near $150.00 and prices entered into consolidation. Buyers tried multiple times to break the $160.00 hurdle and expand the range upward but faced rejection.
Chevron Corporation released quarterly earnings which are better than expected. Due to that buyers are preparing for the next attempt. Chevron stock price closed the previous session at $158.69 with an intraday rise of 1.46%. The market capitalization stands at $296.66 Billion.
Will Chevron Stock break the higher range?
Chevron Stock price is consolidating near its short-term demand zone. The buyers are active and the downside seems limited.
Till CVX Stock sustains above the $150.00 level the possibility of upward range expansion is high. However, the price will pick up momentum when buyers are able to push the price above both the EMAs.
On the other hand, if the CVX stock price drops below $150.00 then it will trigger a panic sell-off. The next phase of decline might also begin. The technical analysis suggests CVX stock has formed a base and the possibility of $160.00 breakout is high.
Will CVS Stock react positively after earnings?
CVX Stock price is mildly bullish and formed a strong bullish candle on a weekly time frame. Chevron Corporation released its quarterly earnings on June 23, 2023. It reported an EPS of $3.08 and revenue of $48.401 Billion.
The company beats the EPS estimate by 3.87% and the revenue estimate by 1.78%. CVX stock price might react positively after earnings and begin the journey to $170.00.
Conclusion
Chevron Stock Price (NYSE: CVX) is attempting to break the $160.00 hurdle to regain the confidence of investors. Chevron Corporation met the EPS and revenue estimates due to which stock is expected to react positively in the coming months.
Technical levels
- Resistance levels: $173.00 and $187.00
- Support levels: $150.00 and $140.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
