Chevron tests resistance

Note: This section contains information in English only.
Source: Dukascopy Bank SA


2023 was a year of declines for oil stocks, as prices plummeted at the end of the year. However, since November the prices have recovered and, despite lower earnings, oil companies have increased their dividends and share buy backs. Namely, investors get more value.

In regards to Chevron stock, the price has found and confirmed a support zone at 139.60/141.80. The zone has kept the pair up since November. Meanwhile, during late 2023 the price recovered on good annual results and touched the 153.70/154.45 zone. The zone acted as resistance. In general, the stock has fluctuated between the two zones throughout 2024. Most recently, the stock price was once again testing the resistance zone.

A breaking above 154.45 would face the potential resistance of the 200-day simple moving average near 155.50. A failure of the moving average to keep the stock down is expected to result in the price reaching the 160.00 mark. Higher above, note the 165.00 level and the late 2023 high level range near 170.00.

In the case of a decline, take into account that the 50-day simple moving average is capable of providing support and resistance. At the time of this review, the moving average was located near 147.50. If the SMA fails, the stock could decline to the 139.60/141.80 range.
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