Buying Chevron on Potential Oil Prices Recovery
Chevron (CVX) stocks have established a solid ground for an upward move after rebounding from the support of an uptrend that began on March 20, 2020. Over the past two months, the stock has traded sideways around $160 per share, indicating a period of consolidation and accumulation of upward momentum. CVX now appears poised to climb to $190, a level last seen on November 14, 2022.
The S&P 500 index has recently posted a new all-time high, driven by slowing inflation in the United States. This decrease in inflation for the first time in six months suggests that the Federal Reserve may soon cut interest rates, potentially boosting demand for oil. Additionally, the escalation of the conflict in the Middle East, particularly the ground operations initiated by Israeli forces in Rafah, Gaza Strip, could potentially disrupt oil supplies.
I plan to open a long position within $158-163 range targeting $185-190, which is 17% above current prices. The stop-loss could be set at $133, below the lows of January 18.
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