CVX is one of the most bullish stocks I have seen so shorting this will be tough but a head and shoulders has formed and support has been broken by a bearish candle with good volume. I think the stock will retest the neck line for an entry and then trade down to the 200-simple.
Here is the setup
Trigger: 99.36
Stop:101.01
Target 1:96.07
Target 2: 92.93
***Thoughts***My thoughts on CVX is that when gas was trading around this same price last year the stock was trading around 85-90/per share. It has had a bullish run up for the summer which was predicted in an early post you can link to below but I think the stock price comes down with the less travel demand. CVX is also keeps financing the dividend with debt which I believe is a bad idea. If oil doesn't move up, CVX will have to lower the dividend. If this happens I believe we see 2015 Lows. I will be a buyer
Here is the setup
Trigger: 99.36
Stop:101.01
Target 1:96.07
Target 2: 92.93
***Thoughts***My thoughts on CVX is that when gas was trading around this same price last year the stock was trading around 85-90/per share. It has had a bullish run up for the summer which was predicted in an early post you can link to below but I think the stock price comes down with the less travel demand. CVX is also keeps financing the dividend with debt which I believe is a bad idea. If oil doesn't move up, CVX will have to lower the dividend. If this happens I believe we see 2015 Lows. I will be a buyer
Ghi chú
A good example of why you should always use a stop and never try to short CVX
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Thông báo miễn trừ trách nhiệm
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.