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Chevron (CVX) Looking for New All Time Highs

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Chevron (CVX) Looking for New All Time Highs

Chevron Corporation (NYSE: CVX) is an American multinational energy corporation. It engages in integrated petroleum operations, chemicals operations, mining operations, power generation and energy services related to Oil and Natural Gas.

Oil-company stocks tend to rise whenoil pricesgoes higher, Chevron is no exceptionthats why asOil market is turning bullishafter the recent break in price above January 2017 peak then we expect its shares to remain supported to the upside.

Chevron has already managed to establish a higher price before the movement in Oil prices with a similar move seen inCVR Energy breaking above Januarypeak earlier, therefore both stocks are leading the move to the upside after they established a higher highs sequence.

Chevron CVX Swing Sequence

Chevron CVX Weekly Swings 11.14.2017

In the above chart, we can notice that CVX did 3 swings correction from 2014 peak before finding buyers at equal legs area 76.94 68.41 in 2015. Up from there, the stock is now showing an incomplete 5 swings bullish sequence suggesting more upside in the coming months toward $132 $139 as a first area of interest.

The movehigher will open further extension for the stocks andconsequently the U.S. oil major will be looking to make new all time highs with a target at $151 $163 as long as the price remain above June low ($102.55).


The bigger picture for the Energy sector and especially Oil & Gas companies remain bullish, all related instruments will remain supported and will be seeing a highermove during next year.

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About the author  (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 42 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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