Chevron confirms its buy signal
Chevron stock gains 1% as the buy signal clears its confirmation week
Chevron confirms its buy signal
Our view last week
Chevron closes the week up 4% and breaks above its 7-day high, in the 198 area, on the back of four straight rising daily lows, running from the 165 area to the 179 area. This is the confirmation week for the new buy signal, and earnings land today too — an event that adds weight just as price presses against the highs. Chevron stays in our weekly technical analysis among 124 open buys on US stocks, with a Signal Strength of 59 out of 100.
This week's summary
Chevron stock closes the week up 1%, with four straight higher daily lows carrying the stock from the 174 area toward the 189 area: price action stays firm, though volume is contracting a little. The buy signal, which fired two weeks ago, comes through its confirmation week in positive territory. Earnings land today too, just as the stock presses toward recent highs. Chevron stock stays among the 120 open buys in our weekly technical analysis of US stocks.
IQS Phase
70
in tension
Signal Strength
59
medium
Sizing
STANDARD
Ranking
#39 / 120
US stocks in progress
Trade P&L %
+5.04%
from signal to date, no stop loss
Rank position
ranks 39th among the 120 Longs already running for US stocks in our ranking, with a signal strength of 59 out of 100.
Sector context
SectorEnergy
Benchmark ETFXLE
Sector regimein positive regime
Performanceweekly -0.12% · monthly +12.76%
CVX belongs to the energy sector (reference ETF XLE). The sector is classified in positive regime according to our weekly reading.
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