Chevron (CVX) – Oil Rally Sputters – Jan 9th, 2020

S&P 500 Market Outlook: Neutral & Deteriorating

Bearish Trade: CVX $117.70 – Energy

The bearish DailyPlay we chose for Thursday, Jan 9th is Chevron (CVX). CVX is part of the Energy Sector (XLE). XLE has rallied 6.50% higher over the past month but its 1m and 6m trend turned bearish yesterday and recently broke above its $90 resistance level. 

Chevron’s 1m and 6m trend turned bearish yesterday and recently broke out below its $118 support level. With a technical score of 3 (out of 10), CVX is a weak stock that will likely continue lower.

As a stop loss, if CVX was to trade above $118 for multiple days, this would invalidate our analysis and suggest cutting losses on the trade.

View CVX Trade

Join us @ Wealth365!

Tuesday, January 21 at 10 AM EST – Add Leverage using Options with Limited Risk – Reserve Your Spot