Let’s Take Another Look at Pumped Up and Bullish

We looked at the charts of Chevron (CVX) back on November 15 when it got a fundamental upgrade. We recommended that “It’s nice when the fundamentals follow the charts — stay long CVX from the $102.50 area. Raise stops to $101 from $94. Our price targets are $136 and then the $159 area.”

Let’s check in on CVX again.
In this updated daily bar chart of CVX, below, we can see that prices made a bullish consolidation pattern the past two months. An upside breakout to a new high could happen as soon as today. Prices are trading above the rising 50-day and the bullish 200-day moving average lines.
The On-Balance-Volume (OBV) line is leading the way higher as it has already made a new high for the move up and tells us that buyers of CVX have been more aggressive than sellers. The Moving Average Convergence Divergence (MACD) oscillator is ready to cross to the upside for a fresh outright buy signal.
In this weekly Japanese candlestick chart of CVX, below, we see a bullish picture. Prices are in a longer-term rise above the positively-sloped 40-week moving average line. Prices are pushing up into old chart resistance from way back in 2019 and this may only provide psychological resistance.
The weekly OBV line is bullish and so is the MACD oscillator.
In this updated daily Point and Figure chart of CVX, below, we can see a price target of $168. A trade at $120 will refresh the uptrend.
Bottom line strategy: Continue to hold previously recommended longs. Raise stops to $108 from $101. The $136 is our first price target followed by the $168 area which could be reached in late first quarter 2022.


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