Elliott Wave Forecast Team
ElliottWave-Forecast.com
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 when oil prices goes higher, Chevron is no exception that’s why as Oil market is turning bullish after 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 in CVR Energy breaking above January peak earlier, therefore both stocks are leading the move to the upside after they established a higher highs sequence.
Chevron CVX Swing Sequence
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 move higher will open further extension for the stocks and consequently 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).
Recap:
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 higher move during next year.
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