The bearish DailyPlay we chose for Thursday March 30th is Chevron (CVX). CVX is part of the Energy Sector (XLE). Over the last month, XLE has experienced a 1.12% move lower and its 1m and 6m trend has turned bearish and neutral on 3/7 while breaking below its $72 support level.
Chevron’s 1m and 6m trends turned bearish on 3/13 and recently broke below its $109 support level on high volume. With a technical score of 5 (out of 10), CVX is a bearish stock that looks to continue lower.
As a stop loss, if CVX was to trade above $109 for multiple days, this would invalidate our analysis and suggest getting out of the trade.