Chevron Is Down But Not Out, Watch This Trade Level
The leading integrated energy stocks have been steadily declining since early May 2021. Chevron Corp (CVX) has been one of the integrated energy stocks that has been in a daily chart downtrend. In early May 2021, the stock traded as high as $113.11. Since that pivot high, the shares have fallen and currently trade around $94.00 a share. Traders and investors should note that Chevron Corp (CVX) stock is now trading below its 200-day moving average. This puts the stock in a weak technical position on the charts and is an indication of further downside in the stock price.
The next major support level for Chevron Corp (CVX) stock will be around the $88.50 level. This is a key retrace area on the large time-frames. It is also a breakout level from February 2021. Often, prior breakout levels are usually excellent support when they are retested. This is a solid area where the institutional crowd will likely defend the equity.
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