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- 1 CVX stock price declined 0.50% in the last Intraday session and closed at $155.82
- 2 Chevron Corp. stock price slumped over 7.4% in the last four intraday sessions.
- 3 Chevron Corp. is yet to announce quarterly results on Friday, 27th October.
Chevron Corp. stock price fell 0.5% in the last session. The price has slumped 7.4% in the past four intraday sessions. The recent decline has turned the pre-earning sentiments bearish. The CVX stock price also seemed to break below an inclining parallel channel pattern.
Chevron Corp. is yet to announce its third quarterly results on Friday, 27th October which might impact the price trend. The Wall Street analysts are expecting a revenue of $51.41 Billion and earnings of $3.703 Billion.
Chevron Corp. engages in the provision of financial management and tech, support for energy and chemical operations. The company operates in the exploration, development, and production of crude oil and natural gas.
CVX stock option-chain analysis states that the current implied volatility in the market is 26.64% with an increment of 0.34% in the last trading session. The at-the-money strike has an OI of 1,377 on the PUT side and 1,135 on the CALL side indicating the dominance of buyers at the CMP.
CVX Stock Price Breaks Below An Inclining Channel Pattern
Recently, the Chevron stock price experienced a breakdown of an inclining channel pattern. The breakdown has turned the price trend bearish. Moreover, the price has slipped below the key EMAs indicating a bearish outlook.
The price has immediate support near the $155 level. If the price continues with the momentum and breaks below, then it may crash more to test the lower levels of $150. The earnings days are also near which may turn the stock volatile.
Moreover, the stock needs more buyers at the lower levels to counter the selling momentum prevailing. The CVX stock needs to surpass the 50-day and 200-day EMA in order to turn the trend in their favor.
Technical Indicators Turned Bearish After Breakdown
The overall technical opinion rating including RSI and MACD signals an 8% “sell” with a weakening short-term outlook on maintaining the current direction.
Conclusion
Chevron stock price broke an upward channel and fell 7.4% in four days. The price is below the key EMAs and has a bearish outlook. The price may test the $155 and $150 levels if the selling continues.
The earnings are due on Friday, which may cause volatility. The company’s revenue and earnings are expected to be $51.41 Billion and $3.703 Billion respectively. The company is involved in oil and gas exploration and production. The price needs to cross the EMAs to reverse the trend.
Technical Levels
- Support levels: $154.72 and $150.09
- Resistance levels: $165.15 and $171.57
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
