Chevron Stock Chart Analysis: The Pullback Begins

By Gareth Soloway of In the Money Stocks

President & Chief Market Strategist at IntheMoneyStocks • Mar 15, 2021 at 1:36 PM EDT

The Chevron stock chart analysis signals a significant pull back in the coming weeks to $99.75 before it hits some decent support.

Shares of Chevron Corporation (CVX) are falling more than 2% today as oil pulls back. Chevron stock technical analysis signaled this coming pull back with major overbought conditions on multiple metrics. The RSI alone was over 80, signaling an extreme overbought scenario.

In addition, Chevron had a classic measured move from the lows in October 2020 to the high in November 2020. That $20 move up in the stock was matched almost perfectly with the low 6 weeks ago in late January 2021 to the most recent high. The Chevron stock chart analysis signals a significant pull back in the coming weeks to $99.75 before it hits some decent support.

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