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 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.

Become a Successful Trader and Master Elliott Wave like a Pro. Start your Free 14 Day Trial at - Elliott Wave Forecast.

Share: Analysis feed

FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.